Management Information CircularThis notice is accompanied by our 2017 management information...

17MAR201719125646

2017Notice of 2017 Annual Meeting of Shareholders

ManagementInformationCircular

17MAR201719125646

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Kinross Gold Corporation

Notice of 2017 annual meeting of shareholders

2017 annual meeting information

Date: May 3, 2017Time: 10:00 a.m. (Toronto time)Location: Glenn Gould Studio, CBC Building,

250 Front Street West, Toronto, OntarioM5V 3G5

Dear Kinross Shareholders,

We invite you to attend Kinross’ 2017 annual meeting of shareholders.

At the meeting, shareholders will:

• Receive the audited consolidated financial statements of Kinross for thefiscal year ended December 31, 2016 and the report of the auditors

• Elect directors

• Appoint the auditor

• Consider and pass an advisory resolution on Kinross’ approach to executivecompensation; and

Shareholders who are unable to• Consider any other business that may properly come before the meeting attend the meeting are requested

to vote by proxy so that as large aThis notice is accompanied by our 2017 management information circular (orrepresentation as possible may becircular) which provides additional information relating to the above items forhad at the meeting. You may voteconsideration at the annual meeting and forms part of this notice of meeting. Theby proxy in any of the followingboard of directors has approved the contents of the 2017 circular and theways. You will need the controldistribution of the circular to shareholders.number contained in the

If you are unable to attend the meeting in person, we encourage you to vote byaccompanying form of proxy in

proxy. Our goal is to secure the largest representation of Kinross shareholders asorder to vote.

possible at the meeting. You may vote by proxy in any of the following ways. Youwill need the control number contained in the form of proxy or voting instruction

Internet votingform in order to vote.

For non-registered (beneficial)Your vote is important to us. Holders of common shares at the close of business

shareholders, follow theon March 14, 2017 are eligible to vote at the meeting. For more information on

instructions on the votingvoting your shares and the proxy process, see Voting on pages 5 to 9 in

instruction form. For registeredthis circular.

shareholders, go toBy order of the board of directors www.investorvote.com

Telephone voting

Call the toll-free number shown onKathleen M. Grandy the form of proxy or votingCorporate Secretary instruction formMarch 16, 2017Toronto, Canada Voting by mail or delivery

If you have any questions relating to the meeting, please contact Kingsdale Complete the form of proxy orAdvisors by telephone at 1-866-851-3217 toll free in North America or voting instruction form and return it416-867-2272 outside of North America or by email at in the envelope [email protected].

KINROSS GOLD CORPORATION 2017 MANAGEMENT INFORMATION CIRCULAR

Table of Contents

Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Voting

Who can vote . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

How to vote . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Changing your vote . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Business of the meeting

Items of business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Other business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

2018 shareholder proposals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Directors

• Highlights: board attributes, 2016 board activity highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

• About the nominated directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

• Skills and experience . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

• Director compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

• Board committee reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

Executive Compensation

• Letter to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

• Executive compensation discussion and analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

• Compensation philosophy and approach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

• Compensation governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

• Components of executive compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

• 2016 results . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

• Key summary tables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82

Governance

• Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94

• Regulatory Compliance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95

• Code of Business Conduct and Ethics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96

• Role of the board of directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97

• Position Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

• Assessing the Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

• Nominating and method of voting for directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99

• Diversity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99

• New Director Orientation and continuing education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

• Board term and renewal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102

• Additional governance information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103

Appendices

Charter of the Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106

Schedule A to the Charter of the Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109


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1EXECUTIVE SUMMARY

Executive Summary

Business of the MeetingWe are asking you to vote in support of the following key items:

Election of the proposed nominees to our board of directors

Appointment of KPMG as auditors to Kinross

Advisory resolution on our approach to executive compensation

2016 Performance HighlightsKinross achieved strong results in 2016, as we met or outperformed our production andcost guidance for the fifth straight year. We maintained our strong balance sheet,advanced the high-quality organic development projects that will shape our future, anddelivered value to our shareholders as a top performing senior gold equity.

• Delivered excellent results on safety, environment andcommunity relations

• Achieved record production of 2.8 million gold equivalentounces

• Met or outperformed guidance on: production,production cost of sales, and all-in sustaining cost for thefifth consecutive year

• Delivered operating cash flow of approximatelyUS$1.1 billion, a 32% increase over the previous year

• Maintained strong balance sheet and liquidity to fundorganic growth projects

• Delivered excellent one-year total shareholder returns ofmore than 70%, ranking fourth among the 13 companiesin our performance peer group

• Completed acquisition and integration of Bald Mountainoperation and remaining 50% of Round Mountain

• Doubled mineral reserves at Bald Mountain

• Advanced organic growth initiatives in all three regions,including development of the Tasiast Phase Oneexpansion project, the Round Mountain Phase Wand Tasiast Phase Two expansion studies, and theSeptember Northeast and Moroshka projects in Russia

• Strengthened the senior leadership team to align with ourfocus on technical and operational strength

• Continued to maximize the value at existing sites, such asextension of mining at Kettle River-Buckhorn, additionalopportunities at Fort Knox, and tailings reprocessingat Paracatu.

Fifth consecutive year meeting or outperforming our production and cost guidance.

Maintained one of the strongest balance sheets in the industry.

doubledmineral reservesat Bald Mountain

Tasiast Phase One

on scheduleon budget

Delivered record production due to strong operating performance and acquisition of Bald Mountain and 50% of Round Mountain.

Doubled Bald Mountain’s mineral reserves to 2.1 million Au eq. oz., which is expected to extend mine

2.8Au eq. oz.

$2.3billion in liquidity

years

Tasiast Phase One project is on track to begin full production in Q2 2018 and is expected to almost double production and

million

$1.43 billion undrawn

credit

$827 million cash and cash equivalents

Delivered one-year total shareholder returns of more than 70%, fourth among the 13 companies in our peer group

70%one-year shareholder returns

+

KINROSS GOLD CORPORATION 2017 EXECUTIVE SUMMARY

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2EXECUTIVE SUMMARY

2016 Corporate Governance Highlights

Kinross is committed to the highest standards of corporate governance and ethicalconduct. We actively monitor developments in best practices and applicable laws toensure that the company meets that commitment.

• Met eight times, including six meetings held • Conducted a 360 degree peer review of members.independent of management. • Scored 134 out of 150 points on the Board Shareholder

• All board committees composed solely of independent Confidence Index of the Clarkson Centre for Boarddirectors. Effectiveness.

• Achieved board diversity target of 33% women directors. • Kinross ranked 26th out of 231 companies in the Globeand Mail annual corporate governance survey. Kinross• Completed comprehensive review and update of thereceived a score of 90 out of 100 points, and was the topKinross Code of Business Conduct and Ethics,ranked gold mining company for the second consecutiveWhistleblower Policy and the Disclosure, Confidentialityyear and the third highest among all mining companies.and Insider Trading Policy.

Corporate Governance at a Glance

2016 More InformationSize of board(1) 9 kinross.com

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Average age of board(2) 61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Average tenure of board(3) 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Separate CEO/Chairman Yes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Independent Chairman Yes kinross.com | Page 95. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Number of independent directors 8 kinross.com. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Board committee members all independent: kinross.com. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

audit and risk Yes kinross.com. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

human resources and compensation Yes kinross.com. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

governance and nominating Yes kinross.com. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

corporate responsibility and technical Yes kinross.com. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Number of financial experts on audit & risk committee 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Charters for board committees Yes kinross.com. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Retirement policy for directors(2) Yes Page 102. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Term limit for directors(3) Yes Page 102. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Diversity policy for directors and executive officers Yes kinross.com | Page 99. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annual director elections Yes kinross.com. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Majority voting for directors Yes kinross.com | Page 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. In order to maintain an appropriately-sized board Kinross

Annual vote on executive compensation Yes kinross.com | Page 12 has reduced the number of directors from 12 to 9 since. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

beginning our Board ‘‘refresh’’ program.Board orientation & director education Yes kinross.com | Page 100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2. The board has approved a mandatory retirement at

Annual review of director independence Yes kinross.com | Page 107 age 73.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. In December 2014, the board adopted the director serviceAnnual board and committee evaluations Yes Page 98. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . limits policy that limits the term for directors to 10 years,Annual individual director evaluations Yes Page 98

subject to the mandatory retirement date of age 73, the. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10 year term limit commences from the later of the dateAnnual equity grant to non-employee directors No. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . the term policy became effective or the date on which aDirector stock ownership requirements Yes Page 26

director is first appointed or relected to the board, with the. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

possibility of one 5 year extension, for a total term notCorporate governance guidelines Yes kinross.com. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . exceeding 15 years, if such director has strongCode of business conduct and ethics Yes kinross.com | Page 96

performance reviews and is re-elected to the board.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


17MAR201717520173

17MAR201717520879

3EXECUTIVE SUMMARY

Board Nominees OverviewAs Kinross shareholders you are being asked to cast your vote for nine directors. The following table provides an overview ofthe 2017 nominees. Detailed biographical information can be found on pages 14 to 23.

Name IndependentDirector Since Age Expertise Committees

Attendance at board meetings

MANA

GING

, LEAD

ING G

ROW

TH

INTE

RNAT

IONA

L

SENI

OR O

FFICE

R

OPER

ATIO

NS

MINI

NG, G

LOBA

L RES

OURC

E IN

DUST

RY

INFO

RMAT

ION T

ECHN

OLOG

Y

HUMA

N RE

SOUR

CES

INVE

STME

NT BA

NKIN

G,

MERG

ERS

FINAN

CIAL L

ITERA

CY

COMM

UNICA

TIONS

, INVE

STOR

/PU

BLIC

RELA

TIONS

CORP

RESP

ONSIB

ILITY,

SU

STAIN

ABLE

DEVE

LOPM

ENT

GOVE

RNME

NT RE

LATIO

NS

GOVE

RNAN

CE/B

OARD

LEGA

L

CORP

GOVE

RNAN

CE &

NOMI

NATIN

G

CORP

RESP

ONSIB

ILITY

& TE

CHNI

CAL

HUMA

N RE

SOUR

CE &

COMP

ENSA

TION

AUDI

T & RI

SK

Ian Atkinson � 2016 67 • • • • • • • • • • � � 100%John Brough � 1994 70 • • • • • • • • • � � 100%John Huxley � 1993 71 • • • • • • • • • • • � � � 88% Ave Lethbridge � 2015 55 • • • • • • • � � 100%Catherine McLeod-Seltzer � 2005 56 • • • • • • • • • • � � 100%John Oliver � 1995 67 • • • • • • • • • • � 100%Kelly Osborne � 2015 60 • • • • • • • • • • � � 100%Una Power � 2013 52 • • • • • • • • � � 100%Paul Rollinson 2012 55 • • • • • • • • • • ~ ~ ~ ~ 100%

Compensation HighlightsYou are being asked to vote in favour of an advisory outlined below. We encourage you to read about Kinross’resolution regarding Kinross’ approach to executive executive compensation program on pages 41 to 67 incompensation. A summary of our approach and philosophy is this document.

Align executive interests with Kinross’ long-term strategy and those of shareholders

Reinforce Kinross’ operating performance and execution of strategic objectives

Enable Kinross to attract and retain high performing executives

Align pay and performance in a way that is transparent and understood by all stakeholders

1 2 3 4

Compensation Philosophy and Approach

Through

• Rewarding the creation of shareholder value and exceptional performance, without encouraging undue risk-taking

• Including long-term equity-based incentives as a

compensation • Requiring executives to hold

common shares

• Linking a portion of compensation to corporate performance, including annual operating performance

• Linking a portion of compensation to individual performance, including behaviours that support Kinross values

• Competitive pay practices (including internal equity), considering relevant mining and industry benchmarks and other factors

• Clear and complete disclosure of executive compensation approach and rationale


17MAR201717521311

4EXECUTIVE SUMMARY

2016 Executive Compensation:

• Completed annual shareholder outreach regarding compensation and governance

• Human resource and compensation committee completed annual review of compensation program for fairness,competitiveness and confirmed alignment with the objectives of the compensation program

• Over 75% of compensation is ‘‘at-risk’’ and tied to company performance

• Equity represents 50% or more of total direct compensation; 50% of equity is granted in the form of RPSUs

Base salary Long-term incentive(multiplier of base salary)

+ + + =Short-term incentive

Target incentivex

Performance multiplierCompany (60%) +Individual (40%)

Total direct compensation

2016 Performance Overview

Kinross’ annual operating performance objectives are laid out in its Four Point Plan, with a short-list of strategic measures toalign to the Four Point Plan being used to measure company performance for the senior leadership team. The human resourceand compensation committee assigned the positive ratings against the performance measures below to reflect the strongperformance for 2016. Overall, the committee felt that a company multiplier of 107% approximately reflected the year.

Measure Weighting Actual performance Rating

Corporate responsibilityperformance metric 20% 91 out of 100 points 100%

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Within initial guidance range on production and cost, and wellDelivering against guidance 15% under on sustaining capital 100%

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total cost 15% 2.7% under budget 110%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Maintain balance sheet strength 10% Net debt / EBITDA 0.81 115%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Relative total shareholder returns 25% Ranked fourth out of 13 115%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Achieved 75%, Included:• On target performance in adding ounces at Bald Mountain

and through exploration• Maximum performance on Tasiast expansion project, and in

achieving additional ounces through Round Mountain PSM,and Paracatu TSF

• Tasiast two-phase expansion plan; acquisition of BaldDelivered targeted growth initiatives 15% Mountain and Round Mountain 105%

Total 100% 107%

For more information, see ‘‘Assessing 2016 Company Performance’’ on pages 68 to 75.


5VOTING

Delivery of proxy materials

This year, Kinross Gold Corporation (Kinross or the company) is providing shareholders with access to its managementinformation circular (the circular) for the 2017 annual meeting of its shareholders (the meeting) electronically via notice andaccess, instead of mailing out paper copies, as permitted by Canadian securities regulators. Kinross is also providingshareholders with access to its 2016 Annual Report electronically, instead of mailing out paper copies. This means of delivery ismore environmentally friendly as it will help reduce paper use and will also reduce the cost of printing and mailing materials toshareholders.

Shareholders have received a notice of availability of proxy materials (notice) together with a form of proxy or votinginstruction form. The notice provided instructions on how to access and review an electronic copy of the circular or how torequest a paper copy. The notice also provided instructions on voting at the meeting. To receive a paper copy of the circular orthe 2016 Annual Report, please follow the instructions in the notice.

All shareholders are reminded to review the circular before voting. Shareholders with questions about notice and access cancall Computershare Investor Services Inc. (the transfer agent) toll free at 1-866-964-0492.

Proxy materials are being sent to registered shareholders directly and will be sent to intermediaries to be forwarded to allnon-registered (beneficial) shareholders. Kinross pays the cost of delivery of proxy materials for all registered andnon-registered shareholders.

Voting

This document is the management information circular made available to shareholders in advance of the meeting as set out inthe notice.

The circular provides additional information respecting the business of the meeting, Kinross and its directors and seniorexecutive officers. This circular is dated March 16, 2017 and, unless otherwise stated, the information in this circular is as ofMarch 16, 2017.

Unless indicated otherwise, all dollar amounts referenced in this circular are expressed in U.S. dollars. Where necessary,Canadian dollars are referenced as CAD$.

All references to financial results are based on the Kinross financial statements, prepared in accordance with InternationalFinancial Reporting Standards (IFRS).

References in this circular to the meeting include any adjournment(s) or postponement(s) that may occur.

Who can voteHolders of common shares of Kinross (common shares or shares) at the close of business on March 14, 2017 (the record date)and their duly appointed representatives are eligible to vote.

Shares outstanding

As of March 16, 2017, there were 1,246,749,579 common shares outstanding, each carrying the right to one vote percommon share.

To the knowledge of the directors and executive officers of the company, as of the date of this circular, there is no person orcompany that beneficially owns, directly or indirectly, or exercises control or direction over, directly or indirectly, votingsecurities of Kinross carrying 10% or more of the voting rights attached to any class of voting securities of Kinross.


6VOTING

How to voteThe voting process is different depending on whether you are a registered or non-registered (beneficial) shareholder.

You are a registered shareholder if your name appears on your share certificate or, if registered electronically, the shares areregistered with Kinross’ transfer agent in your name and not held on your behalf by an intermediary such as a bank, trustcompany, securities broker, trustee or other nominee (each an intermediary).

You are a non-registered (beneficial) shareholder if your shares are held on your behalf by an intermediary. This means theshares are registered with Kinross’ transfer agent in your intermediary’s name, and you are the beneficial owner. Mostshareholders are non-registered shareholders.

Non-registered (beneficial) shareholders

If you are a non-registered shareholder, your intermediary would have sent you a voting instruction form or proxy form with thenotice. This form will instruct the intermediary how to vote your common shares at the meeting on your behalf.

You must follow the instructions from your intermediary in order to vote.

If you do not intend to attend the meeting and vote in person, mark your voting instructions on the voting instruction form orproxy form, sign it, and return it as instructed by your intermediary. Your intermediary may have also provided you with theoption of voting by telephone or fax or through the internet.

If you are a Canadian resident and wish to vote in person at the meeting, insert your name in the space provided for theproxyholder appointment in the voting instruction form or proxy form, and return it as instructed by your intermediary. Do notcomplete the voting section of the proxy form or voting information form, since you will vote in person at the meeting.

If you are a U.S. resident and wish to vote in person at the meeting, mark the appropriate box on the other side of the votinginstruction form and a legal proxy will be issued and mailed to you. The legal proxy will grant you or your designate the rightto attend the meeting and vote in person, subject to any rules described in the proxy statement applicable to the delivery ofa proxy.

The legal proxy will be mailed to the name and address noted on the other side of the voting instruction form. You need tosubmit and deliver the legal proxy in accordance with the proxy deposit date and any instructions or disclosures noted in theproxy statement. You or your designate must attend the meeting for your vote to be counted. Allow sufficient time to thecompany or its transfer agent for the mailing and return of the legal proxy by the proxy deposit date.

Please be advised that if you, the beneficial holder, ask for a legal proxy to be issued, you have to take additional steps inorder for the proxy to be fully effective. You must deposit the legal proxy with the company or its transfer agent in advance ofthe meeting. Further, if a legal proxy is issued, all other voting instructions given on the voting instruction form will not beeffective. If you have any questions, please contact the person who services your account.

Your intermediary may have also provided you with the option of appointing yourself or someone else to attend and vote onyour behalf at the meeting through the internet. When you arrive at the meeting, please register with our transfer agent,Computershare Investor Services Inc.

Your intermediary must receive your voting instructions in sufficient time for your intermediary to act on them. The transferagent must receive proxy vote instructions from your intermediary no later than 10:00 a.m. (Toronto time) on Monday, May 1,2017, or if the meeting is adjourned, at least 48 hours (not including Saturdays, Sundays or statutory holidays in Ontario) priorto the reconvened meeting.

Kinross may utilize the Broadridge QuickVote� service to assist beneficial shareholders with voting their Kinross shares overthe telephone. Alternatively, Kingsdale Advisors may contact such beneficial shareholders to assist them with convenientlyvoting their shares directly over the phone. Broadridge then tabulates the results of all the instructions received and thenprovides the appropriate instructions respecting the shares to be represented at the meeting. If you have any questionsrelating to the meeting or how to vote, please contact Kingsdale Advisors by telephone at 1-866-851-3217 toll free in NorthAmerica or 416-867-2272 outside of North America or by email at [email protected].


7VOTING

Registered shareholders

If you are a registered shareholder, a form of proxy would have been sent to you along with the notice to enable you toappoint a proxyholder to vote on your behalf at the meeting.

If you do not intend to attend the meeting and vote in person, you can

• provide your voting instructions by completing and returning the form of proxy, or

• provide your instructions by telephone or the internet in accordance with the instructions appearing on the form ofproxy, or

• choose another person (called a proxyholder, who does not need to be the named proxyholders in the proxy form ora shareholder of the company) to attend the meeting and vote your shares for you.

In each case, you will need to complete the form of proxy and return it to the transfer agent.

Telephone or online

If you wish to vote in person at the meeting, you may still provide voting instructions using the form of proxy, or by telephoneor internet. When you arrive at the meeting, please register with our transfer agent.

If you vote in person at the meeting, any proxy you have previously given will be revoked.

To be valid, proxies must be received by Kinross’ transfer agent no later than 10:00 a.m. (Toronto time) on May 1, 2017 or if themeeting is adjourned, at least 48 hours (not including Saturdays, Sundays or statutory holidays in Ontario) prior to thereconvened meeting. Your proxyholder may then vote on your behalf at the meeting.

Changing your vote

Non-registered (beneficial) shareholders

You can revoke your prior voting instructions by providing new instructions on a voting instruction form or proxy form with alater date, or at a later time in the case of voting by telephone or through the internet, provided that your new instructions arereceived by your intermediary in sufficient time for your intermediary to act on them before 10:00 a.m. (Toronto time) onMay 1, 2017, or if the meeting is adjourned, at least 48 hours (not including Saturdays, Sundays or statutory holidays inOntario) prior to the reconvened meeting.

Otherwise, contact your intermediary if you want to revoke your proxy or change your voting instructions, or if you changeyour mind and want to vote in person.

Registered shareholders

You may revoke any prior proxy by providing a new proxy with a later date or providing voting instructions at a later time in thecase of voting through the internet. However, for your new voting instructions to be effective they must be received by thetransfer agent no later than 10:00 a.m. (Toronto time) on May 1, 2017, or if the meeting is adjourned, at least 48 hours(not including Saturdays, Sundays or statutory holidays in Ontario) prior to the reconvened meeting.

You may also revoke any prior proxy without providing new voting instructions by delivering written notice clearly indicatingyou wish to revoke your proxy to the registered office of Kinross (25 York Street, Suite 1700, Toronto, Ontario, M5J 2V5, Fax(416) 363-6622, Attention: Corporate Secretary) or at the offices of the transfer agent, Computershare Investor Services Inc.(100 University Avenue, 8th floor, Toronto, Ontario, M5J 2Y1) at any time up to 10:00 a.m. (Toronto time) on the last businessday before the meeting or any adjournment of the meeting.

A proxy may also be revoked on the day of the meeting or any adjournment of the meeting by a registered shareholder bydelivering written notice to the chair of the meeting. If you are an individual and register with the transfer agent at the meetingand vote in person at the meeting, any proxy you have previously given will be revoked.


8VOTING

In addition, the proxy may be revoked prior to its use by any other method permitted by applicable law. The written notice ofrevocation may be executed by the registered shareholder or by an attorney who has the shareholder’s written authorization. Ifthe shareholder is a corporation, the written notice must be executed by its duly authorized officer or attorney.

Kinross reserves the right to accept late proxies and to waive the proxy cut-off with or without notice, but is under noobligation to accept or reject any particular late proxy.

How your shares will be votedIf you appoint the named proxyholders as your proxyholders, the common shares represented by the form of proxy will bevoted or withheld from voting, in accordance with your instructions as indicated on the form, on any ballot that may becalled for.

In the absence of instructions from you, such common shares will be voted:

• for the election as directors of Kinross of the proposed nominees set forth in this circular

• for the appointment of KPMG LLP as auditors and authorization of the directors to fix their remuneration

• for the advisory resolution on the company’s approach to executive compensation

The form of proxy gives discretionary authority to the persons named in it as proxies to vote as they see fit with respect to anyamendments or variations to the matters identified in the notice of meeting or other matters that may properly come beforethe meeting or any adjournment thereof, whether or not the amendment or other matter that comes before the meeting is oris not routine and whether or not the amendment, variation or other matter that comes before the meeting is contested.

About proxy solicitationProxies are being solicited in connection with this circular by the management of the company. The solicitation will bemade primarily by mail, but proxies may also be solicited personally by regular employees of Kinross to whom no additionalcompensation will be paid.

In addition, Kinross has retained Kingsdale Advisors to provide the following services in connection with the meeting:

• reviewing and analyzing the circular,

• recommending corporate governance best practices where applicable,

• liaising with proxy advisory firms,

• developing and implementing shareholder communication and engagement strategies,

• advising with respect to the meeting and proxies,

• reporting on and reviewing the tabulation of proxies, and

• soliciting proxies including contacting shareholders by telephone.

The cost of these services is approximately $80,325 and reimbursement of disbursements. Costs associated with thesolicitation will be borne by the company.

Appointing a proxyholder

Your proxyholder is the person that you appoint to cast your votes and act on your behalf at the meeting including anycontinuation of the meeting that may occur in the event that the meeting is adjourned.

Signing and returning the enclosed proxy form authorizes John E. Oliver or Kathleen M. Grandy (the named proxyholders) tovote your shares at the meeting in accordance with your instructions.


9VOTING

A shareholder who wishes to appoint another person (who need not be a shareholder) to represent the shareholder atthe meeting may do so, either by internet or by mail by:

• inserting the person’s name in the blank space provided in the form of proxy or in the space on the internet votingsite provided for that purpose, or

• completing another proper form of proxy.

Required quorum for the meetingA quorum for the meeting shall be two persons present and holding or representing by proxy not less than 25% of the totalnumber of issued and outstanding common shares having voting rights at the meeting.

No business shall be transacted at the meeting unless the requisite quorum is present at the commencement of the meeting. Ifa quorum is present at the commencement of the meeting, a quorum shall be deemed to be present during the remainder ofthe meeting.

QuestionsIf you have questions, you may contact the company’s strategic shareholder advisor and proxy solicitation agent, KingsdaleAdvisors.

North America (toll-free phone): 1-866-851-3217outside North America: (416) 867-2272fax: (416) 867-2271toll-free fax (North America): 1 (866) 545-5580mail: The Exchange Tower, 130 King Street West, Suite 2950, P.O. Box 361, Toronto, Ontario M5X 1E2e-mail: [email protected]


11MAR201704281772

10BUSINESS OF THE MEETING

Business of the meeting

Items of businessAs set out in the notice of meeting, at the meeting, shareholders of Kinross will be asked to consider the following four mattersand vote on them as required:

1. Financial statements

The audited consolidated financial statements of Kinross for the fiscal year ended December 31, 2016 and the report of theauditors on the financial statements will be received.

2. Election of directors

The company’s board of directors (the board ) is currently comprised of nine directors and it is proposed to appoint nineindividuals effective as of May 3, 2017. At the meeting, the shareholders will be asked to elect nine directors, subject toKinross’ majority voting policy outlined below. All directors so elected will hold office until the next annual meeting ofshareholders or until their successors are elected or appointed.

The board of directors of Kinross recommends that the shareholders of the companyvote FOR the election as directors, the nominees whose names are set forth in thismanagement information circular.

The named proxyholders, if named as proxy, intend to vote the common shares represented by any such proxy for the electionof the nominees whose names are set forth starting on page 14, unless the shareholder who has given such proxy has directedthat the shares be withheld from voting in the election of directors.

Management of Kinross does not contemplate that any of the nominees will be unable to serve as a director, but if that shouldoccur for any reason at or prior to the meeting, the named proxyholders, if named as proxy, reserve the right to vote foranother nominee in their discretion.

Majority voting policy

In 2008, the board adopted a majority voting policy for the election of directors at the meeting. Revisions to this policy wereapproved by the board in November 2014. This policy is now part of the consolidated Corporate Governance Guidelinesadopted by the board in November 2015 and amended in 2017 and is available for review on the company’s website atwww.kinross.com. The policy provides that in an uncontested election, any nominee for director who receives more withheldvotes than for votes will immediately tender his or her resignation for consideration by the corporate governance andnominating committee. The corporate governance and nominating committee (excluding those who received a majoritywithheld vote in the election) will review the matter and make a recommendation to the board whether to accept the director’sresignation. The resignation will be effective when accepted by the board. The board expects that the resignations will beaccepted absent exceptional circumstances. The director who has tendered his or her resignation pursuant to this policy willnot participate in any deliberations of the corporate governance and nominating committee or the board regarding theresignation. The board shall make its decision within 90 days of the date of the applicable shareholders’ meeting and shallpromptly issue a news release with the board’s decision. If the board determines not to accept a resignation, the news releasemust fully state the reasons for that decision.

Other details respecting the nominees for election as directors are set out under ‘‘About the nominated directors’’ starting onpage 14.


11MAR201704281772

All amounts are rounded to the nearest $1,000.

All percentages are rounded to the nearest whole percent.


3. Appointment of auditors

Shareholders will be asked to consider and, if thought fit, to pass, an ordinary resolution approving the appointment ofKPMG LLP of Toronto, Ontario as auditors of Kinross, to hold office until the close of the next annual meeting of the company.It is also proposed that the remuneration to be paid to the auditors of Kinross be fixed by the board.

For the fiscal years ended December 31, 2016 and December 31, 2015, KPMG LLP and its affiliates were paid the followingfees by Kinross:

Auditor’s Fees 2016 CAD$(1) % of Total Fees(2) 2015 CAD$(1) % of Total Fees(2)

Audit Fees:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Kinross – general 3,751,000 90 3,914,000 91. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Kinross – securities matters 190,000 4 – –

Total Audit Fees 3,941,000 94 3,914,000 91

Audit-Related Fees:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Translation services 135,000 3 135,000 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Due Diligence – – – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other 25,000 1 25,000 1

Total Audit-Related Fees 160,000 4 160,000 4

Tax Fees:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Compliance 25,000 1 50,000 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Planning and advice 43,000 1 79,000 2

Total Tax Fees 68,000 2 129,000 3

All Other Fees: 18,000 – 80,000 2

Total Fees 4,187,000 100 4,283,000 100

1.

2.

The board of directors of Kinross recommends that the shareholders of the companyvote FOR the appointment of KPMG LLP of Toronto, Ontario as auditors ofthe company.

The named proxyholders, if named as proxy, intend to vote the common shares represented by any such proxy for theapproval of the appointment of KPMG LLP of Toronto, Ontario as auditors of Kinross at a remuneration to be fixed by theboard, unless the shareholder who has given such proxy has directed in the proxy that the shares be withheld from voting inthe appointment of auditors.


11MAR201704281772


4. Advisory vote on approach to executive compensation

Our compensation program seeks to attract, retain, motivate and reward executives through competitive pay practices whichreinforce Kinross’ pay-for-performance philosophy and focus executive interests on developing and implementing strategiesthat create and deliver value for shareholders. Kinross believes that its compensation programs are consistent with thoseobjectives, and are in the best interest of shareholders. Detailed disclosure of our executive compensation program isprovided under ‘‘Executive Compensation’’ starting on page 37.

In 2011, the board adopted a policy to hold a non-binding advisory vote on the approach to executive compensation asdisclosed in the management information circular at each annual meeting. This policy is now part of the consolidatedCorporate Governance Guidelines adopted by the board in November 2015. This shareholder vote forms an important part ofthe ongoing process of engagement between shareholders and the board on executive compensation. Voting results sinceinception of the policy are provided on page 42 under the heading ‘‘Say on pay and shareholder engagement’’.

At the meeting, shareholders will have an opportunity to vote on our approach to executive compensation throughconsideration of the following advisory resolution:

‘‘Resolved, on an advisory basis and not to diminish the role and responsibilities of the board of directors, that theshareholders accept the approach to executive compensation disclosed in the management information circular delivered inadvance of the 2017 annual meeting of shareholders of the company.’’

Approval of this resolution will require that it be passed by a majority of the votes cast by shareholders in person and by proxy.Because your vote is advisory, it will not be binding upon the board. However, the human resource and compensationcommittee will take into account the results of the vote when considering future executive compensation arrangements.

The board of directors of the company recommends that the shareholders of thecompany vote FOR the advisory resolution on the approach to executivecompensation disclosed in this management information circular.

The named proxyholders, if named as proxy, intend to vote the common shares represented by such proxy for approval of theadvisory resolution on Kinross’ approach to executive compensation, unless the shareholder has directed in the proxy thatsuch common shares be voted against it.

Other businessManagement does not intend to introduce any other business at the meeting and is not aware of any amendments to thematters to be considered at the meeting. If other business or amendments to the matters to be considered at the meeting areproperly brought before the meeting, proxies appointing the named proxyholders as proxyholders will be voted in accordancewith their best judgement.

2018 shareholder proposalsThe OBCA permits certain eligible shareholders to submit shareholder proposals to the company, which may be included in amanagement proxy circular relating to an annual meeting of shareholders. The final date by which the company must receiveshareholder proposals for the annual meeting of shareholders in 2018 is March 5, 2018.

Shareholders who wish to nominate candidates for election as directors must provide timely notice in writing to the CorporateSecretary of the company and include the information set out in the company’s by-laws (by-laws). The notice must be madenot less than 30 days nor more than 65 days prior to the date of the meeting. A copy of the by-laws of the company is availableupon request to the Corporate Secretary of the company.


13DIRECTORS

Directors

Board attributes:• 3 of 9 directors are women (33%), met diversity target

• 8 of 9 directors are independent (89%), including an independent chair

• All board committees are composed solely of independent directors

• Consistently strong attendance record for all directors at board and committee meetings

• All board committees met independent of management at all of the committee meetings in 2016

• The board met independent of management at 6 of 8 meetings, including at all regularly scheduled meetings

• Chair of audit committee is a financial expert

• Annually, the board evaluates itself, as a whole, and conducts 360 degree peer review of individual directors

• The board has adopted, and adheres to, comprehensive Corporate Governance Guidelines

2016 board activity highlights:• Adopted a strategic business plan proposed by management

• Considered possible strategic initiatives for the company

• Reviewed and approved amendments to the core governing policies: the Code of Business Conduct and Ethics, theWhistleblower Policy, and the Disclosure, Confidentiality and Insider Trading Policy

• Approved the filing of a preliminary short form prospectus in respect of equity offering and completed a $250 millionbought deal financing

• Received updates on the Tasiast 12K feasibility and 30K pre-feasibility studies

• Approved Phase One of the Tasiast expansion project

• Reviewed and approved the Cash Investment Policy

• Continued with strong track record of consistent financial reporting

• Received updates and reviewed issues relating to the company’s material properties

• Visited the mine site at Bald Mountain, Nevada post acquisition to discuss significant expansion and exploration potentialof the site with management

About the nominated directorsThe following tables sets forth certain information with respect to all persons proposed to be nominated by management forelection as directors. Shareholders can vote for or withhold from voting on the election of each nominee on an individual basis.Unless authority is withheld, the named proxyholders, if named as proxy, intend to vote for these nominees. All of thenominees have established their eligibility and willingness to serve as directors. Unless stated otherwise, the information setout below is as of December 31, 2016. (Footnotes pertaining to the director nominees are on page 23.)


11MAR201704241641

14DIRECTORS

Continuing directors:

The following nominees were elected as directors at Kinross’ 2016 annual meeting of shareholders and are being proposed forre-election at the meeting.

Ian Atkinson (67) | Independent

Mr. Atkinson was most recently the President & CEO and a Director of Centerra Gold Inc., agold mining company, a position he held from May 2012 until his retirement at the end of2015. Prior to that, he was Senior Vice President, Global Exploration from July 2010 toApril 2012 and Vice President, Exploration from October 2005 to June 2010 of CenterraGold Inc. From September 2004 to October 2005, he was Vice President, Exploration &Strategy of Hecla Mining Company, an international gold and silver mining company inIdaho, USA. During the years 2001-2004, he was an independent management consultantbased out of Houston, Texas, USA. From July 1996 to June 1999 he was Senior Vice The Woodlands, Texas USAPresident, Exploration and from June 1999 to January 2001 he held the position of Senior

Director sinceVice President, Operations & Exploration with Battle Mountain Gold Company in Houston,February 10, 2016Texas, USA. He was Senior Vice President with Hemlo Gold Mines, Inc., Toronto, from

September 1991 to July 1996. Skill/area of experience(6)

From May 1979 to August 1991, he held various progressive leadership positions with • Managing or leading growthNoranda Exploration Company Limited. From June 1978 to May 1979 he was Senior

• InternationalGeologist with Resource Associates of Alaska, Inc. and was Regional Geologist with McIntyre

• Senior officerMines Limited from April 1974 to May 1978. He was Field Geologist with Yvanex• OperationsDevelopments Limited from May 1973 to March 1974.

• Mining or global resource industryMr. Atkinson served on the board of the Prospectors and Developers Association of Canadaand the World Gold Council. He was President of the Porcupine Prospectors and Developers • Investment banking/mergers andAssociation. Mr. Atkinson holds a Bachelor of Science in Geology and a Master of Science in acquisitionsGeophysics from the University of London, England and a Diploma in surveying from the • Communications, investor relations,Imperial College, London, England. public relations and media

• Corporate Responsibility and2016 general meeting election voting results

sustainable developmentVote Type Number of % on total % on total

shares voted number of outstanding • Government relationsshares voted shares of thecompany • Governance/board. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

For 724,564,506 98.22 58.83. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Withheld 13,119,177 1.78 1.07

2016 board and committee membership Attendance

Board of directors 8 of 8 (100%). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Corporate Responsibility and Technical(8) 4 of 4 (100%). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Corporate Governance and Nominating(8) 3 of 3 (100%)

Public board memberships Board committee memberships

Argonaut Gold Inc. AuditSafety, Health, Environment, Sustainability and Technical

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Globex Mining Enterprises Inc. Audit, Governance, Compensation (Chair)

Securities held

Year Common share Common shares Deferred Share Total common Total at-risk value Meets sharewarrants (#) (#) Units (‘‘DSUs’’) shares and of common ownership

(#) DSUs (#) shares and DSUs requirement(2)

(CAD$)(1)

2016 nil nil 21,831 21,831 110,000 N/A(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2015 nil nil nil Nil Nil. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Change nil nil 21, 831 21,831 110,000


11MAR201704253005

15DIRECTORS

John A. Brough (70) | Independent

Mr. Brough retired as President of both Torwest Inc. and Wittington Properties Limited, realestate companies, on December 31, 2007, a position he had held since 1998. From 1996 to1998, Mr. Brough was the Executive Vice President and Chief Financial Officer of iSTARInternet, Inc. Between 1974 and 1996, he held a number of positions with MarkboroughProperties, Inc., his final position being Senior Vice President and Chief Financial Officer,which position he held from 1986 to 1996. Mr. Brough is an executive with over 30 years ofexperience in the real estate industry. Mr. Brough holds a Bachelor of Arts (Economics) fromthe University of Toronto and he is a Chartered Professional Accountant, CharteredAccountant. Mr. Brough has graduated from the Director’s Education Program at the Toronto, Ontario, CanadaUniversity of Toronto, Rotman School of Management. Mr. Brough is a member of the

Director sinceInstitute of Corporate Directors and the Institute of Chartered Professional AccountantsJanuary 19, 1994of Ontario.

Skill/area of experience(6)2016 general meeting election voting results

• Managing or leading growthVote Type Number of % on total % on total

shares voted number of outstanding • Internationalshares voted shares of the

company • Senior officer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

For 673,675,723 91.32 54.70 • Operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Withheld 64,007,960 8.68 5.20 • Information technology

• Investment banking/mergers &acquisitions2016 board and committee membership Attendance

Board of directors 8 of 8 (100%) • Financial literacy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Audit and risk 4 of 4 (100%) • Communications, investor relations,. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Human resource and compensation 6 of 6 (100%) public relations and media

• Governance/boardPublic board memberships Board committee memberships

Silver Wheaton Corp. Audit (Chair), Governance and nominating. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

First National Financial Corp Lead Director, Audit (Chair). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Canadian Real Estate Investment Trust (CREIT) Audit (Chair), Investment

Securities held



(CAD$)(1)

2016 nil 23,752 214,304 238,056 1,340,043 Yes – 213%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2015 nil 23,752 155,084 178,836 1,045,043. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Change nil nil 59,220 59,220 295,000

Planned retirement(5) 2019


11MAR201704254645

16DIRECTORS

John M. H. Huxley (71) | Independent

Mr. Huxley was most recently a Principal of Algonquin Management Inc., and the manager ofthe Algonquin Power Income Fund, since 1997 until his retirement in 2006. Prior to that, hewas the President of Algonquin Power Corporation, a builder, developer and operator ofhydroelectric generating facilities in Canada and the United States. He holds a Bachelor ofLaws degree from Osgoode Hall Law School. He is also a member of the Institute ofCorporate Directors.

2016 general meeting election voting results

Toronto, Ontario, CanadaVote Type Number of % on total % on totalshares voted number of outstanding

shares voted shares of the Director sincecompany

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31, 1993For 681,600,939 92.40 55.34

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Skill/area of experience(6)

Withheld 56,082,744 7.60 4.55• Managing or leading growth

• International2016 board and committee membership Attendance

• Senior OfficerBoard of directors 7 of 8 (88%)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • OperationsAudit and risk 4 of 4 (100%)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• Investment banking/mergers &Human resource and compensation 5 of 6 (83%). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . acquisitionsCorporate governance and nominating 4 of 4 (100%)

• Financial literacy

• Communications, investor relations,Public board memberships Board committee memberships

public relations and mediaTranseastern Power Trust Audit (Chair), Compensation, Governance

• Corporate responsibility and sustainabledevelopment

Securities held

• Government relationsYear Common share Common shares Deferred Share Total common Total at-risk value Meets sharewarrants (#) (#) Units (‘‘DSUs’’) shares and of common ownership • Governance/board(#) DSUs (#) shares and DSUs requirement(2)

(CAD$)(1)

• Legal2016 nil 41,337 202,099 243,436 1,923,552 Yes – 305%

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2015 nil 41,337 174,497 215,834 1,786,052. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Change nil nil 27,602 27,602 137,500



11MAR201704453954

17DIRECTORS

Ave G. Lethbridge (55) | Independent

Ms. Lethbridge is currently EVP and Chief Human Resources and Safety Officer of TorontoHydro Corporation, an electric company, a position that she has held since November 2013.During her career spanning 18 years, from 1998 to present, with Toronto Hydro, she has heldvarious progressive senior leadership positions in areas encompassing environment, healthand safety, corporate social responsibility, labour relations, workforce planning, talentmanagement, succession planning and leadership development. From 1998 to 2002, shewas Director, Organizational Development and Leader of Business Transformation Change;from 2002 – 2004 as Vice President, Organizational Development and Performance &Corporate Ethics Officer; from 2004 – 2007 as Vice President, Human Resources and Toronto, Ontario, CanadaOrganizational Effectiveness; from 2008 – 2013 as Vice President, Organizational

Director sinceEffectiveness and Environment Health and Safety. Prior to joining Toronto Hydro,May 6, 2015Ms. Lethbridge was Senior Manager with Scarborough Public Utilities from 1987 to 1997 and

was a Human Resources Consultant with Great West Gas from 1981 to 1987.Skill/area of experience(6)

Ms. Lethbridge holds a Master of Science degree in Organizational Development from the • Managing or leading growthPepperdine University, CA. She has completed the Directors’ Education Program from the

• Senior OfficerRotman School of Management of the University of Toronto in 2011 and holds a designation

• Operationsfrom the Institute of Corporate Directors, (ICD) effective 2015. She completed the StrategicOrganizational Change Program in 1998 and the Advanced Human Resources Management • Information TechnologyProgram in 1996 from the University of Toronto, Rotman School of Business. She is a Certified

• Human ResourcesHuman Resources Executive (CHRE) since 2014 and Certified in Human ResourcesManagement (CHRM) since 1994. She has also completed several financial literacy programs • Financial Literacyfor executives and directors including courses from the Rotman School of Management of • Corporate Responsibility andthe University of Toronto and the Harvard Business School. Ms. Lethbridge also served on the

Sustainable Developmentboard of governors for the Georgian College.


Vote Type Number of % on total % on totalshares voted number of outstanding

shares voted shares of thecompany

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

For 706,815,411 95.82 57.39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Withheld 30,868,272 4.18 4.18


Board of directors 8 of 8 (100%). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Audit and Risk 4 of 4 (100%). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Human resource and compensation 6 of 6 (100%)

Public board and committee memberships: none

Securities held



(CAD$)(1)

2016(10) nil nil 81,599 81,599 341,900 N/A(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2015 nil nil 32,417 32,417 81,667. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Change nil nil 49,182 49,182 260,233


11MAR201704462170

18DIRECTORS

Catherine McLeod-Seltzer (56) | Independent

Ms. McLeod-Seltzer has been the Non-Executive Chairman and a director of Bear CreekMining, a silver mining company, since 2003 and was the Non-Executive/IndependentChairman and a director of Pacific Rim Mining Corp until November, 2013. She had been anofficer and director of Pacific Rim Mining Corp. since 1997. From 1994 to 1996, she was thePresident, Chief Executive Officer and a director of Arequipa Resources Ltd., a publiclytraded company which she co-founded in 1992. From 1985 to 1993, she was employed byYorkton Securities Inc. as an institutional trader and broker, and also as Operations Managerin Santiago, Chile (1991-92). She has a Bachelor’s degree in Business Administration fromTrinity Western University. Vancouver, British Columbia, Canada

Director since2016 general meeting election voting results

October 26, 2005Vote Type Number of % on total % on total

shares voted number of outstandingSkill/area of experience(6)shares voted shares of the

company • Managing or leading growth. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

For 688,263,888 93.30 55.88 • International. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Withheld 49,419,795 6.70 4.01 • Senior Officer

• Operations2016 board and committee membership Attendance

• Mining or global resource industryBoard of directors 8 of 8 (100%)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • Investment banking/mergers &Corporate Responsibility and Technical 6 of 6 (100%)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . acquisitionsCorporate Governance and Nominating 4 of 4 (100%)

• Communications, investor relations,public relations and media

Public board memberships(11) Board committee memberships• Corporate responsibility and sustainable

Bear Creek Mining Corporation none development. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

JDL Gold Corp.(11) none. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • Government relations

Major Drilling Group International Inc. Compensation and Safety. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • Governance/board

Grenville Strategic Royalty Corp. Compensation (Chair), Corporate Governance

Ms. McLeod-Seltzer will reduce the number of her board memberships to four (including Kinross) in 2017. See footnote 11.

Securities held

Year Common share Common share Deferred Share Total common Total at-risk value Meets sharewarrants (#) (#) Units (‘‘DSUs’’) shares and of common ownership


(CAD$)(1)

2016 nil 12,296 167,221 179,517 1,163,499 Yes – 185%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2015 nil 12,296 141,626 153,922 1,035,999. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Change nil nil 48,735 48,735 127,500


11MAR201704260466

19DIRECTORS

John E. Oliver (67) | Independent

Mr. Oliver retired after 41 years of working in retail corporate and investment banking at theBank of Nova Scotia. He was Executive Managing Director and Co-Head of Scotia CapitalU.S., Bank of Nova Scotia leading specialist groups in oil and gas, technology, real estate,diversified industries and leisure and gaming. Mr. Oliver is the former Chair of the CanadianMuseum of Immigration, a Federal Crown Corporation and the former Vice Chair, AutismNova Scotia. He was appointed the Independent Chairman of the company in August 2002.


Halifax, Nova Scotia, CanadaVote Type Number of % on total % on totalshares voted number of outstanding

shares voted shares of the Director sincecompany

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . March 7, 1995For 679,469,119 92.11 55.17

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Skill/area of experience(6)

Withheld 58,214,564 7.89 4.73• Managing or leading growth

• International2016 board and committee membership Attendance

• OperationsBoard of directors, chair 8 of 8 (100%)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • Information technologyHuman resource and compensation 6 of 6 (100%)• Human resources

• Investment banking/mergers &Public board and committee memberships: noneacquisitions

Securities held • Financial literacyYear Common share Common shares Deferred Share Total common Total at-risk value Meets share • Communications, investor relations,warrants (#) (#) Units (‘‘DSUs’’) shares and of common ownership

(#) DSUs (#) shares and DSUs requirement(2) public relations and media(CAD$)(1)

• Government relations2016 nil 7,360 342,490 349,850 2,290,318 Yes – 364%

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • Governance/board2015 nil 7,360 297,825 305,185 2,067,818

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Change nil nil 44,665 44,665 222,500



11MAR201704272085

20DIRECTORS

Kelly J. Osborne (60) | Independent

Mr. Osborne was most recently the President and CEO and a Director of Duluth Metals wherehe also held the position of Chief Operating Officer from July 2012 to April 2014 and theposition of Chief Executive Officer of Twin Metal Minnesota, a wholly owned subsidiary ofDuluth Metals, from July 2014 to January 2015. From 2004 to 2012, he held variousprogressive leadership positions with Freeport McMoRan Copper & Gold, Indonesia, startingas Manager, Underground Development, from 2004 to 2006; Vice President, UndergroundOperations, from 2006 to 2010 and finally as Senior Vice President, Underground Mines,from 2010 to 2012. From October 2002 to August 2004, he served as the area manager forVulcan Materials Company, a leading producer of construction materials in the United States. Horseshoe Bay, Texas, USA

From 1998 to 2002, he was a Mine Superintendent with Stillwater Mining Company and as Director sincePlant Manager from 1992 to 1998 with J.M. Huber Corporation, a Texas based multinational May 6, 2015supplier of engineered materials. From 1984 to 1992, he was with Homestake MiningCompany which later merged into Barrick Gold Corporation in 2002. Starting as Corporate Skill/area of experience(6)

Management Trainee, a position he held from 1984 to 1986, he progressed to the position of • Managing or leading growtha Mine Planning Engineer, a position he held from 1986 to 1988 and as a Mine Captain from

• International1988 to 1992.

• Senior OfficerMr. Osborne holds a Bachelor of Science Degree in Mine Engineering from the University of

• OperationsArizona, Tucson, Arizona.

• Mining, global resource industry2016 general meeting election voting results

• Investment banking/mergers andVote Type Number of % on total % on total acquisitionsshares voted number of outstanding

shares voted shares of the• Communications, investor relations,company

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . public relations and mediaFor 725,810,463 98.39 58.93

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • Corporate responsibility and sustainableWithheld 11,873,221 1.61 0.96

development

• Government relations2016 board and committee membership Attendance

• Governance/boardBoard of directors 8 of 8 (100%)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Corporate Responsibility and Technical 6 of 6 (100%). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Corporate Governance and Nominating 4 of 4 (100%)

Public board and committee memberships: none

Securities held



(CAD$)(1)

2016(10) nil nil 55,845 55,845 233,990 N/A(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2015 nil nil 31,756 31,756 80,000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Change nil nil 24,089 24,089 153,990


11MAR201704275560

21DIRECTORS

Una M. Power (52) | Independent

Ms. Power is the former CFO and Senior Vice President of Nexen Energy ULC., a formerpublicly-traded oil and gas company that is a wholly-owned subsidiary of CNOOC Limited.During her career with Nexen spanning 24 years, she held various positions in areas coveringfinancial reporting, financial management, investor relations, business development,strategic planning and investment. From 2009 to 2011, she was SVP, Corporate Planning andBusiness Development; from 2002 – 2009, Treasurer; from 1998 – 2002, Controller; and, from1997 – 1998, Manager, Investor Relations. Prior to joining Nexen, Ms. Power was SeniorAuditor with Deloitte & Touche from 1989 to 1992, and was staff auditor with Peat Marwickfrom 1987 to 1989. Calgary, Alberta, Canada

Ms. Power is a Chartered Professional Accountant, Chartered Accountant and a Chartered Director sinceFinancial Analyst. She has completed the Advanced Management Program at the Wharton April 3, 2013Business School, United States and INSEAD, France.

Skill/area of experience(6)

2016 general meeting election voting results • Managing or leading growthVote Type Number of % on total % on total • Internationalshares voted number of outstanding

shares voted shares of the • Senior officercompany. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• OperationsFor 725,782,032 98.39 58.93. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• Mining or global resource industryWithheld 11,901,652 1.61 0.97

• Investment banking/mergers &acquisitions


• Financial literacyBoard of directors 8 of 8 (100%). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• Corporate responsibility and sustainableAudit and risk 4 of 4 (100%). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . developmentCorporate responsibility and technical 5 of 6 (83%)

Public board memberships Board committee memberships

Bank of Nova Scotia Audit, Human Resources

Securities held



(CAD$)(1)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2016(10) nil nil 236,061 236,061 989,096 Yes – 157%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2015 nil nil 186,879 186,879 643,462. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Change nil nil 49,182 49,182 345,634


11MAR201704273894

22DIRECTORS

J. Paul Rollinson (55) | Chief Executive Officer

Paul Rollinson was appointed to the Kinross board and as Chief Executive Officer onAugust 1, 2012. He was appointed Executive Vice-President, Corporate Development inSeptember 2009 after having joined Kinross as Executive Vice-President, New Investments,in September 2008.

Prior to joining Kinross, Mr. Rollinson had a long career in investment banking spanning17 years. From June 2001 to September 2008, he worked at Scotia Capital where his finalposition was Deputy Head of Investment Banking. During his time with Scotia, he was

Toronto, Ontario, Canadaresponsible for the mining, power/utilities, forestry and industrial sectors. From April 1998 toJune 2001 he worked for Deutsche Bank AG, where his final position was Managing Director/ Director sinceHead of Americas for the mining group, and before that, from 1994 to April 1998 he was a August 1, 2012senior member of the mining team at BMO Nesbitt Burns. Mr. Rollinson has an Honours

Skill/area of experience(6)Bachelor of Science Degree in Geology from Laurentian University and a Master ofEngineering in Mining from McGill University. • Managing or leading growth

• International2016 general meeting election voting results

• Senior officerVote Type Number of % on total % on totalshares voted number of outstanding • Operationsshares voted shares of the

company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • Mining or global resource industry

For 650,105,380 98.60 56.71 • Investment banking/mergers &. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Withheld 9,256,895 1.40 0.81 acquisitions

• Financial literacy2016 board and committee membership(4) Attendance • Communications, investor relations,Board of directors 8 of 8 (100%) public relations and media

• Corporate responsibility and sustainablePublic board and committee memberships: none development

• Government relationsSecurities held

Year Common share Common shares Restricted Total common Total at-risk value Meets sharewarrants (#) (#) Share shares and of common ownership

Units (RSUs) RSUs (#)(7) shares and RSUs requirement(2)

(#)(7) (CAD$)(1),(7)

2016 nil 728,683 2,196,950 2,925,633 14,854,132 Yes – 210%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2015 nil 498,863 1,945,890 2,444,753 13,296,082. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Change nil 229,820 251,060 480,880 1,558,050

Options held

Date granted Expiry date Exercise Options Total At-risk valueprice ($) granted unexercised (#) of options

and vested unexercised(#) (CAD$)(9)

22/02/11 22/02/18 16.25 152,966 152,966 –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

21/02/12 21/02/19 10.87 196,769 196,769 –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17/09/12 17/09/19 9.98 146,384 146,384 –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19/02/13 19/02/20 8.03 455,318 455,318 –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24/02/14 24/02/21 5.82 359,045 538,567 –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13/02/15 13/02/22 3.73 246,313 738,940 339,912. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15/02/16 15/02/23 3.11 – 404,577 8,092

Total 1,556,795 2,633,521 348,004


Greater of book or market value as at December 31, 2016. Book value is calculated using the grant price for DSUs and RSUs and the cost at the time of purchase of common shares. Market value iscalculated using the closing price of common shares as at December 30, 2016: CAD$4.19.

The board has established a policy requiring each independent director to hold a minimum value of 3 times the annual board membership retainer in common shares and/or DSUs. See ‘‘Shareownership’’ for independent directors on page 26. For Mr. Rollinson, see ‘‘Share ownership’’ on page 51.

Mr. Atkinson was appointed to the board on February 10, 2016 and has until February 9, 2021 to meet his share ownership requirement. Mr. Osborne and Ms. Lethbridge were appointed to theboard on May 6, 2015 and have until May 5, 2020 to meet their shareholding requirement.

Mr. Rollinson is not a member of any board committee as being the Chief Executive Officer, he is not an independent director.

Mr. Huxley plans to retire on or before December 31, 2017, in order to facilitate an ongoing search and transition for a successor candidate. Over the years 2018 and 2019, Messrs. Brough andOliver intend to retire and not stand for re-election at the indicated meeting of shareholders.

See ‘‘Skills and experience’’ on page 24 for a description of such skills/experience.

Includes 100% of restricted performance share units (RPSUs).

Mr. Atkinson had fewer committee meetings to attend during 2016 since his appointment did not begin until February 10, 2016.

Computed by multiplying the number of unexercised options to the difference between the December 31, 2016 closing price and the exercise price of options at the time of grant.

Market value is greater than book value as at December 31, 2016.

JDL Gold Corp. (JDL) has announced that it has entered into an arrangement agreement to combine its business with Luna Gold Corp. (Luna). The proposed transaction is expected to close aroundthe end of March, 2017 resulting in the combined entity, Trek Mining Inc. (Trek). As noted in the press release issued by JDL and Luna dated February 1, 2017, Ms. McLeod-Seltzer will not be aboard member of Trek. Consequently, by second quarter of 2017, Ms. McLeod-Seltzer will be on four public company boards including the board of Kinross Gold Corporation. Further, in the event ofa delay in the closing of the proposed transaction, Ms. McLeod-Seltzer does not intend to stand for re-election at the 2017 annual meeting of JDL.

23DIRECTORS

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

For a discussion regarding directors’ compensation, please refer to page 25.

The skills and experience of the directors, in areas that are important to the company, are identified and tracked in a matrix.The skills matrix, which is updated annually, can be found on page 24.

Kinross encourages continuing education for its current directors. Details regarding various continuing education events heldfor, or attended by, Kinross’ directors during the financial year 2016 can be found on page 101.

Cease trade orders, bankruptcies, penalties or sanctions

No director is, or within the ten years prior to the date hereof has:

a) been a director or executive officer of any company (including Kinross) that, while that person was acting in that capacity,

i. was the subject of a cease trade or similar order or an order that denied the relevant company access to anyexemption under securities legislation for a period of more than 30 consecutive days;

ii. was subject to an event that resulted, after the director or executive officer ceased to be a director or executiveofficer, in the company being the subject of a cease trade or similar order or an order that denied the relevantcompany access to any exemption under securities legislation for a period of more than 30 consecutive days; or

iii. within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislationrelating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromisewith creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or

b) become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to orinstituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trusteeappointed to hold his or her assets.


11MAR201704281772 11MAR20170428177211MAR201704281772

11MAR201704281772 11MAR20170428177211MAR201704281772 11MAR201704281772

11MAR201704281772

11MAR201704281772 11MAR20170428177211MAR201704281772 11MAR201704281772

24DIRECTORS

Committee membership and independence

The table below shows the 2016 board committee membership of each independent director standing for re-election atthe meeting.

Committees

Audit and risk Corporate governance Corporate Human resource andcommittee and nominating responsibility and compensation

committee technical committee committee

Ian Atkinson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

John Brough chair. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

John Huxley chair. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ave Lethbridge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Catherine McLeod-Seltzer chair. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

John Oliver chair. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Kelly Osborne. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Una Power

Skills and experienceThe matrix below shows the mix of skills and experience of the board as at December 31, 2016 in areas that are important tothe company’s business. The skills and experience matrix is also used to identify those skills for which the company shouldrecruit when making changes to its board.

Skill / area of experience Directors withsignificant skills

or experience

Managing or leading growth – experience driving strategic direction and leading growth of an organization 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

International – experience working in a major organization that has business in one or more international jurisdictions 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Senior officer – experience as a CEO/COO/CFO of a publicly listed company or major organization 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Operations – experience as a senior operational officer of a publicly listed company or major organization or production or exploration experience witha leading mining or resource company 9

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Mining or global resource industry – experience in the mining industry, combined with a strong knowledge of market participants 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Information technology – experience in information technology with major implementations of management systems 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Human resources – strong understanding of compensation, benefit and pension programs, with specific expertise in executive compensationprograms, organizational/personal development and training 2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Investment banking/mergers & acquisitions – experience in investment banking, finance or in major mergers and acquisitions 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Financial literacy – senior financial officer of a publicly listed company or major organization or experience in financial accounting and reporting, andcorporate finance (familiarity with internal financial controls, Canadian or US GAAP, and/or IFRS) 6

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Communications, investor relations, public relations and media – experience in or a strong understanding of communications, public media andinvestor relations 7

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Corporate responsibility and sustainable development – understanding and experience with corporate responsibility practices and the constituentsinvolved in sustainable development practices 7

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Government relations – experience in, or a strong understanding of, the workings of government and public policy in Canada and internationally. 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Governance/board – experience as a board member of a major organization 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Legal – experience as a lawyer either in private practice or in-house with a publicly listed company or major organization 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


25DIRECTORS

Director compensation

Approach

The board retains the services of Mercer to complete a market review of the competitiveness of Kinross’ directorcompensation program. In completing this review, Mercer reviews and analyzes the proxy circulars of companies included inthe pre-approved Kinross comparator group (as described under ‘‘Market and peer reviews’’ on page 48) and develops astandardized methodology to compare the total value of programs across these companies and contrast this market view withthe current arrangements for the Kinross board. In completing their analysis, Mercer also reviews market trends in directorcompensation and detailed market data. The board decided not to change the directors’ compensation for 2016.

Retainers and fees

The board has established a flat fee structure for all independent directors. The annual board membership retainer payable toindependent directors is CAD $210,000. Since April 1, 2012, at least 50% of the board membership retainer is required to bepaid in DSUs. On an annual basis, an independent director can also elect to receive a greater percentage of his or her boardmembership retainer in DSUs.

In addition to the board membership retainer, the chairs of each of the corporate governance and nominating and corporateresponsibility and technical committees receive CAD $30,000 and the chair of the audit and risk committee receives anadditional CAD $70,000. Other members of the corporate governance and nominating and corporate responsibility andtechnical committees receive an additional CAD $15,000 per committee and members of the audit and risk committee receivean additional CAD $20,000. The committee chairs do not receive additional member fees for being part of the committee.

The independent chair receives an additional CAD $235,000 but does not receive any fees for being a member of, and actingas chair of the human resource and compensation committee. Other members of the human resource and compensationcommittee receive an additional CAD $15,000. In addition, independent directors (other than the independent chair) receive atravel fee of CAD $2,000 per trip for travel from outside of Toronto to the board/committee meetings. The independent chairdoes not receive any travel fee.

Independent directors are also entitled to reimbursement of their reasonable board-related expenses.

The following table sets out details of the flat fee structure for independent directors for 2016:

2016 fees(CAD $)

Board chair (1) $235,000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Board member $210,000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chair – Audit and risk committee $70,000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chair – Corporate responsibility and technical and Corporate governance(2) $30,000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Member (excluding the Chair) – Audit and risk committee $20,000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Member (excluding the Chair) – Corporate responsibility and technical, Corporate governance and nominating or Human resource andcompensation $15,000

1. For 2016, CAD $445,000 in total with the inclusion of his board membership retainer.

2. Mr. Oliver, as the independent chair of the board, does not receive a separate fee for being a member of, and acting as chair of the human resource and compensation committee.


26DIRECTORS

Deferred share units

The main purpose of the deferred share unit (DSU ) plan is to strengthen the alignment of interests between the independentdirectors and the shareholders, by linking a portion of annual independent director compensation to the future value of thecommon shares.

A DSU is an amount owed by Kinross to the director holding it having the same value as one common share, but which is notpaid out until such time as the director terminates service on the board, thereby providing an ongoing equity stake in Kinrossthroughout the director’s period of service.

DSUs are vested at the time of grant. Only independent directors of Kinross and its affiliates can receive DSUs. Dividends paidby Kinross prior to payment of the DSUs, if any, are credited to each holder of DSUs in the form of additional DSUs. Thenumber of DSUs held by that holder multiplied by the amount of the per share dividend, divided by the closing share price onthe date of the payment of the dividend, determines the additional DSUs to be credited for dividends.

The number of DSUs granted to an independent director on the last day of each quarter in respect of his or her current quartercompensation is determined by dividing the value of the portion of the director’s flat fee to be paid in DSUs by the closingprice of the common shares on the TSX on the business day immediately preceding the date of grant.

At such time as an independent director ceases to be a director, Kinross will make a cash payment to the director, equal to themarket value of a common share on the date of departure, multiplied by the number of DSUs held on that date.

As CEO of the company, Mr. Rollinson is a non-independent director. As such, he does not receive any DSUs and iscompensated solely as an officer of Kinross (see ‘‘Compensation discussion and analysis’’ for executives starting on page 41). Asummary of the compensation earned by Mr. Rollinson for 2016 is provided in the ‘‘Summary compensation table’’ on page 82.

Share ownership

In 2007, the board established a policy requiring each independent director to hold a minimum value of common shares and/or DSUs, determined as a multiple of his/her annual board membership retainer, which as of December 31, 2013 is 3 times.However, new directors have five years from the date of their appointment to reach the share ownership requirement. Thispolicy was reviewed in 2016 by Mercer and was found to be aligned to the market. These guidelines are now part of theconsolidated Corporate Governance Guidelines adopted by the board in November 2015.

In the event an independent director’s holdings fall below the minimum requirement at or after the applicable due date, thedirector will be required to top-up his or her holdings by fiscal year-end to meet the requirement. Since April 1, 2012, alldirectors have been required to receive a minimum of 50% of their board membership retainer in DSUs irrespective of whenthe director joined the board and whether or not their minimum shareholding requirement has been met. Kinross’ Disclosure,Confidentiality and Insider Trading Policy (‘‘Policy’’) prohibits directors from engaging in transactions that could reduce or limithis/her economic risk with respect to equity securities granted as compensation or held, directly or indirectly, by the director.Prohibited transactions include hedging strategies, equity monetization transactions, transactions using short sales, puts, calls,exchange contracts, derivatives and other types of financial instruments. A copy of the Policy may be accessed on thecompany’s website at www.kinross.com.


Greater of book or market value as at December 31, 2016. Book value was calculated using the grant price for DSUs and the cost at the time of purchase for common shares. Market value iscalculated using the closing price of common shares as at December 30, 2016: CAD $4.19.

Market value is greater than book value as at December 31, 2016.

Ms. Lethbridge and Mr. Osborne were appointed to the board on May 6, 2015 and have until May 5, 2020 to meet their shareholding requirement. Mr. Atkinson was appointed to the board onFebruary 10, 2016 and has until February 9, 2021 to meet his shareholding requirement.

27DIRECTORS

The following table outlines the aggregate value of the common shares and DSUs held by each independent director who wason the board as of December 31, 2016 and whether he or she met Kinross’ independent director share ownership requirementas of that date.

Name Eligible share Exceeds share Multiple of Met currentholdings ownership board retainer requirement

CAD ($)(1) requirementby CAD ($)

I. Atkinson(3) 110,000 (520,000) 0.6 N/A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

J. Brough 1,340,043 710,043 6.4 Yes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

J. Huxley 1,923,552 1,293,552 9.2 Yes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A. Lethbridge(2)(3) 341,900 (288,100) 1.6 N/A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C. McLeod-Seltzer 1,163,499 533,499 5.5 Yes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

J. Oliver 2,290,318 1,660,318 10.9 Yes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

K. Osborne(2),(3) 233,990 (396,010) 1.1 N/A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

U. Power(2) 989,096 359,096 4.7 Yes

1.

2.

3.

As CEO of the company, Mr. Rollinson’s share ownership requirements are described under ‘‘Share ownership’’ on page 51.


Travel fees are paid in cash for all directors.

Value as at Dec 31, 2016 of the 2016 compensation taken as DSUs.

Portion of fees taken in cash and/or DSUs: All directors took 50% of fees in DSUs and 50% in cash with the exception of Mr. Brough and Mses. Lethbridge and Power who took all of their feesin DSUs.

Value as at Dec 31, 2016, of all outstanding DSUs, including dividends on DSUs of prior years. Please refer to the narrative under ‘‘Deferred Share Units’’ on page 26 for a description of themethodology used to grant and value DSUs.

Only until May 10, 2016 as Mr. Carrington did not stand for re-election at the 2016 shareholders’ meeting.

Compensation is paid in Canadian dollars and was converted to United States dollars for the purposes of this table using an exchange rate of CAD $1=US$0.7448.

28DIRECTORS

Director compensation table

The following table sets out the fees earned by independent directors who served as directors during 2016 and the proportionof fees taken in the form of DSUs.(6)

Name Board Independent Committee Committee Travel Total Fees 2016 Total Value of allMembership Chair Chair Member Fee in Earned in DSUs value outstanding

Retainer in Retainer in Retainer in Fees in US$ US$(1) US$(3) vested or DSUs as atUS$ US$ US$ earned in Dec 31, 2016

US$(2)(5) in US$(4)

I. Atkinson 143,374 N/A N/A 20,482 8,938 172,794 68,129 68,129. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

J. Brough 156,408 N/A 52,136 11,172 4,469 224,185 184,803 668,780. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

J. Carrington(5) 65,170 N/A N/A 9,310 N/A 74,480 21,133 688,457. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

J. Huxley 156,408 N/A 22,344 26,068 5,958 210,778 86,137 630,692. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

A. Lethbridge 156,408 N/A N/A 26,068 N/A 182,476 153,480 254,647. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C. McLeod-Seltzer 156,408 N/A 22,344 11,172 7,448 197,372 79,872 521,850. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

J. Oliver 156,408 175,028 N/A N/A N/A 331,436 139,385 1,068,816. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

K. Osborne 156,408 N/A N/A 22,344 8,938 187,690 75,174 174,276. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

U. Power 156,408 N/A N/A 26,068 7,448 189,924 153,480 736,679

TOTAL 1,303,400 175,028 96,824 152,684 43,198 1,771,135 961,595 4,812,327

1.

2.

3.

4.

5.

6.


11MAR201704253005 11MAR201704254645 11MAR201704453954 11MAR201704275560

29DIRECTORS

Board committee reports

Audit and risk committee

Members

John A. Brough (Chair) John M. H. Huxley Ave Lethbridge Una M. Power

The audit and risk committee is composed entirely of independent directors who arefinancially literate (as such term is defined in National Instrument 52-110 ) and at leasttwo members, Mr. Brough the chair, and Ms. Power are audit committee financial expertsin accordance with the NYSE standards and U.S. Securities and Exchange Commission(SEC) requirements. The audit and risk committee has a written charter setting out itsresponsibilities.

Generally, the audit and risk committee is responsible for overseeing:

• the integrity of Kinross’ financial statements,

• the independent auditors’ qualifications and independence,

• the performance of the internal audit functions, and

• the process for identifying and managing business risks.

The committee monitors Kinross’ financial reporting process and internal control systems and provides open lines ofcommunication among the independent auditors, financial and senior management and the full board on financial reportingand controls matters. The committee

• reviews the principal risks of Kinross’ business and operations, and any other circumstances and events that could have asignificant impact on the company’s assets and stakeholders,

• assesses the overall process for identifying principal business and operational risks and the implementation of appropriatemeasures to manage and disclose these risks,

• reviews all insurance coverage, and

• reviews disclosure respecting oversight of management of principal business and operational risks.

In carrying out its mandate, the audit and risk committee met four times in 2016, on each occasion also meeting independentof management. The committee fulfilled its mandate by doing the following, among other things:

• received reports from the disclosure committee chair,

• reviewed and recommended for approval financial statements, management’s discussion and analysis and financialinformation contained in press releases,

• obtained treasury reports on cash flows, gold sales and borrowing matters,

• reviewed and approved 2016 internal audit plan,


30DIRECTORS

• met with the internal audit function with and without management being present,

• approved audit engagements,

• met with the external auditors with and without management being present,

• obtained reports from the external auditors,

• met with management separately,

• reported to the full board on financial, audit and internal control matters,

• reviewed reports regarding Kinross’ risk management activities including the operationalization of the enterprise riskmanagement system,

• received updates on material claims (actual contingent or potential) and material legislative changes,

• received reports on and considered the company’s compliance practices and whistleblower reports, and

• reviewed and recommended for approval the revised cash investment policy.

Additional information regarding the company’s audit and risk committee is contained in the company’s annual informationform (AIF) under the heading audit and risk committee and a copy of the audit and risk committee charter is attached to theAIF as Schedule A. The AIF is filed annually, on or about March 31, under the company’s profile on SEDAR at www.sedar.com.A copy of the charter is also available upon request to the Corporate Secretary and on the company’s website atwww.kinross.com.

‘‘John A. Brough’’Chair, audit and risk committee


11MAR201704241641 11MAR201704254645 11MAR201704462170 11MAR201704272085

31DIRECTORS

Corporate governance and nominating committee

Members

Ian Atkinson John M. H. Huxley (Chair) Catherine McLeod-Seltzer Kelly J. Osborne

The corporate governance and nominating committee is composed entirely ofindependent directors. The mandate of the corporate governance and nominatingcommittee has been formalized in its written charter. The committee’s mandate continuesto include responsibility for developing the company’s approach to matters of corporategovernance, responsibility for identifying and proposing new qualified nominees to thefull board, for assessing directors on an on-going basis and to review and makerecommendations to the board as to all such matters.

Generally, the corporate governance and nominating committee’s mandate includes:

• assisting the independent chair in carrying out his responsibilities,

• annually reviewing the board and committee charters,

• evaluating the performance of the directors and the committees and assisting the Chairman with the evaluation of theboard as a whole,

• receiving periodic reports under the company’s whistleblower program,

• recommending procedures to enable the board to meet on a regular basis without management,

• adopting procedures to ensure that the board can conduct its work effectively and efficiently,

• receiving periodic reports on compliance with core policies,

• reporting to the full board on corporate governance matters,

• reviewing the composition of the board to ensure that an appropriate number of independent directors sit on the board,

• analyzing the needs of the board when vacancies arise,

• overseeing implementation of an appropriate selection process for new board nominees,

• making recommendations to the board for the election of nominees to the board,

• continually engaging in succession planning for the board, by performing at least annually, a process similar to that whichis used for senior management, and

• identifying needs of the board with the help of the skills and knowledge analysis and matching this to the continuouslyrefreshed evergreen list of potential nominees.

The corporate governance and nominating committee maintains an evergreen list of potential candidates for appointment tothe board and a skills matrix to identify skills for recruitment when making changes to the board (see ‘‘Skills and experience’’on page 24).


32DIRECTORS

In carrying out its mandate, the corporate governance and nominating committee met four times in 2016, and metindependent of management on all of those occasions. The committee fulfilled its responsibilities by doing the following,among other things:

• verified the independence of the directors,

• reviewed external corporate governance surveys and improvements that could be made to Kinross’ practices,

• received reports on the whistleblower program and considered the company’s compliance practices,

• conducted a 360 degree peer review in accordance with previously approved processes (see ‘‘360 degree peer review’’ onpage 99), reviewed the completed board self-evaluation forms, individual director evaluation forms and the evaluationforms of the independent chair and the chief executive officer,

• provided feedback to the full board regarding the above evaluations,

• assessed the company’s directors and officers liability insurance needs,

• reviewed and made recommendations to the updated core policies of the company, and

• completed a nomination process and recommended for approval the appointment of a new director.

The Corporate Governance Guidelines and the charter of the corporate governance and nominating committee are availableon the company’s website at www.kinross.com or upon request to the Corporate Secretary.

‘‘John M. H. Huxley’’Chair, corporate governance and nominating committee


11MAR201704241641 11MAR201704462170 11MAR201704272085 11MAR201704275560

33DIRECTORS

Corporate responsibility and technical committee

Members

Ian Atkinson Catherine McLeod-Seltzer Kelly J. Osborne Una M. Power

(Chair)

The corporate responsibility and technical committee is composed entirely of independentdirectors. The mandate of the corporate responsibility and technical committee, which hasbeen formalized in its written charter, is to review the development and implementationof strategies, policies and management systems relating to safety, health, environmentalstewardship, project permitting, local communities and corporate responsibility generally.

This includes:

• providing advice to assist management in achieving the objectives set out in the Kinross environmental policy andframework, and discussing with management any necessary improvements to such policy and its framework ofimplementation,

• assisting management in implementing and maintaining appropriate health, safety and corporate responsibility programsobtaining periodic reports on such programs,

• reviewing the qualifications of individual selected by management to act as the internal qualified person to estimate andreport mineral reserves and mineral resources,

• reviewing the scope of mineral reserves and mineral resources assessments with regard to legal and regulatory matters,applicable securities legislation, industry practice and procedures relating to disclosure of information on mining activities,

• considering with management, the material assumptions, operating parameters and methodologies used to createmineral reserve and mineral resources estimates,

• reviewing and commenting on items in the annual budget related to exploration, development and operational matters,

• reviewing material proposals for mining capital programs,

• considering with management, the technical aspects of the company’s material exploration, development, financingconstruction, mining projects and mine closure plans,

• reviewing identification of risks related to exploration, development, and operating activities and the systems andpractices in place for mitigating such risks, and

• considering any relevant regulatory changes, initiatives and trends that may affect the company’s exploration,development, operating activities, mineral reserves or mineral resources.

In carrying out its mandate, the corporate responsibility and technical committee met six times during 2016, on each occasionalso meeting independent of management. The committee fulfilled its responsibilities by doing the following, amongother things:

• reviewed periodic reports from management on health and safety matters and environmental compliance reports,


34DIRECTORS

• obtained regular updates on reclamation matters,

• obtained periodic updates on major project permitting activities, legislative and regulatory matters,

• received periodic updates on the company’s community and government relations initiatives, and on the implementationof the company’s corporate responsibility strategy,

• received an update on the Tasiast 12K feasibility and 30K pre-feasibility studies,

• recommended to the board for approval the Tasiast Phase 1 expansion program,

• received an update on tailings management from the external independent tailings examiner,

• reviewed and recommending to the board for approval, the 2017 operations and exploration budget, and

• received an update on the company’s material properties.

The committee also provided feedback and advice to management regarding the above matters and reported to the fullboard on environmental, health, safety, project permitting and corporate responsibility matters related to the company’soperations and activities.

A copy of the corporate responsibility and technical committee charter is available upon request to the Corporate Secretaryand on the company’s website at www.kinross.com.

‘‘Catherine McLeod-Seltzer’’Chair, corporate responsibility and technical committee


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35DIRECTORS

Human resource and compensation committee

Members

John A. Brough John M. H. Huxley Ave Lethbridge John E. Oliver (Chair)

The human resource and compensation committee, which is composed entirely ofindependent directors, is responsible for making recommendations to the board on allmatters relating to the compensation of the officers (including NEOs), directors andemployees of the company.

For the purpose of its mandate, the human resource and compensation committee reviews all aspects of compensation paidto management, directors and employees of other mining companies to ensure the company’s compensation programs arecompetitive so that the company will be in a position to attract, motivate and retain high calibre individuals.

In 2016, the human resource and compensation committee engaged Mercer to provide it support in determiningcompensation for the company’s senior executive officers and directors during the most recently completed financial year(see ‘‘Independent advice’’, page 46). Determinations made by the committee, however, also reflect factors andconsiderations other than the information provided by Mercer. For further discussion of the committee and its activities in thisarea see ‘‘Executive Compensation’’ starting on page 41 and ‘‘Compensation governance’’ on page 41.

The human resource and compensation committee annually reviews succession plans for the CEO and senior leadership team.Internal and external candidates are identified and the development plans of internal successors are reviewed by thecommittee. Development plans and progress of internal candidates are reviewed by the CEO and senior managementregularly. The board becomes familiar with candidates for CEO and senior executive positions through presentations andannual joint management and board planning sessions. The mandate of the human resource and compensation committeehas been formalized in a written charter.

In carrying out its mandate, the human resource and compensation committee met six times in 2016, on each occasion alsomeeting independent of management.

In fulfilling its mandate in 2016 with respect to total compensation, the human resource and compensation committee:

• approved equity grants,

• reviewed corporate goals and objectives in order to establish performance criteria at the beginning of the year,

• reviewed and approved the human resources strategy for 2016,

• reviewed the existing compensation model including the philosophy, methodology and program design,

• examined and approved the 2016 comparator groups,

• reviewed long-term incentive plan program attributes including mix of restricted share units, options and restrictedperformance share units versus the comparator group and the TSX 60, as discussed on page 50,

• ‘‘Stress tested’’ executive compensation programs to understand the range of possible outcomes under current plans andas a result of current equity holdings,


36DIRECTORS

• reviewed compensation programs to satisfy itself that appropriate governance is in place to mitigate risk of compensationpractices providing inappropriate incentives for risk taking or fraud,

• reviewed employment contract terms for all senior executives,

• reviewed succession plans for the CEO and senior leadership team, as well as other critical senior management positions,reviewed internal and external candidates identified for each position,

• reviewed and recommended all compensation matters as it related to the senior executives including employment offers,promotions and severance arrangements,

• compared Kinross’ performance relative to the comparator group and benchmarks,

• completed an assessment of performance results relative to the strategic plan of the company and the annual fourpoint plan,

• reviewed and approved corporate goals, objectives, and performance results relevant to the compensation of the CEOand other members of the senior leadership team and monitored and evaluated the performance of the CEO and othermembers of the senior leadership team,

• recommended annual corporate performance factors, individual executive performance evaluations and totalcompensation for senior executives and salaried employees to the board for approval,

• continued to engage the services of an independent external consultant to provide advice and expertise on executivecompensation matters,

• reviewed all of the company’s global pension plans, and

• received updates on the various shareholder engagement initiatives undertaken by the company and provided guidancewhere necessary.

A copy of the human resource and compensation committee charter is available upon request to the Corporate Secretary andon the company’s website at www.kinross.com.

‘‘John E. Oliver’’Chair, Board of DirectorsChair, human resource and compensation committee


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37EXECUTIVE COMPENSATION

Executive Compensation

Letter to shareholders

I am very pleased to share some highlights from another strong year for Kinross and to outline our 2016compensation decisions which were based on that performance.

2016 Company Performance Highlights

In 2016, Kinross continued to focus on delivering consistent operational results in a safe and responsiblemanner, maintaining balance sheet strength, and developing our organic development projects. Theseare the main objectives within the control of management that we know are adding long-term value for

John E. Olivershareholders.

(Chair of the board)

Last year was a strong year for Kinross – both in terms of operational results and the advancement of keyorganic development projects. Highlights include:

• Delivered excellent results on safety, the environment and community relations, with 97% of the workforce from hostcountries, zero reportable spills, and more than $2 billion spent in countries where we operate through local purchasing,taxes and wages

• Achieved record production of 2.8 million gold equivalent ounces

• Met or outperformed guidance on production, production cost of sales, and all-in sustaining cost(1) for the fifthconsecutive year

• Delivered operating cash flow of $1.1 billion, a 32% increase over the previous year

• Maintained balance sheet strength and ended the year with $827 million in cash and cash equivalents and approximately$2.3 billion in liquidity, giving the company the financial flexibility to fund our organic development projects

• Delivered one-year total shareholder returns of more than 70%, ranking fourth among the 13 companies in ourperformance peer group

• Completed the acquisition and integration of Bald Mountain and the remaining 50% of Round Mountain

• Advanced key organic development projects which offer opportunities to expand production and extend mine life,including:

• Launching the Tasiast Phase One construction and the Phase Two feasibility study

• Advancing Bald Mountain expansion opportunities and doubling the site’s proven and probable mineral reserveestimate

• Commencing the Round Mountain Phase W feasibility study

• Developing the high-grade September Northeast and Moroshka deposits in Russia

• Continued to maximize value at existing sites, such as the extension of mining at Kettle River-Buckhorn, identification ofadditional opportunity at Fort Knox, and tailings reprocessing at Paracatu

• Strengthened the senior leadership team to align with our focus on technical and operational strength

To achieve these results, management successfully addressed a challenging gold price environment and identified andcapitalized on opportunities for the long-term success of the company:



Acquisition of Nevada assets

The acquisition of Bald Mountain and 50% of Round Mountain was an opportunistic strategic move made during a challenginggold price environment to add quality assets that fit well with the Kinross portfolio. The deal demonstrated management’sprudent and disciplined approach to acquisitions, as it added quality assets while preserving balance sheet strengthand liquidity.

The addition of Bald Mountain allowed us to leverage our existing strength and workforce in the U.S., expand our footprint inNevada, one of the best mining jurisdictions in the world, and add to the company’s production profile. Managementrecognized the significant upside potential at Bald Mountain, which is located in a large, underexplored land package: anopportunity to reduce costs, improve productivity, and carry out exploration to add resources and add to mine life. In 2016,Kinross was able to realize the asset’s upside potential by doubling proven and probable reserve estimates and potentiallyextending mine life. Also, at Round Mountain, Kinross has commenced the Phase W expansion feasibility study to potentiallyextend mine life at one of the most consistent operations in the company’s portfolio.

Prudent two-phased expansion at Tasiast

To minimize risk and ensure the strength of our balance sheet in a volatile gold price environment – while at the same timerecognizing the need for growth – Kinross deferred the original expansion plan at Tasiast and developed a unique two-phasedapproach. The phased approach ensured that a number of potential risk items were addressed and mitigated in advance ofbeginning the expansion. Phase One development is now underway and is expected to almost double production and reduceoperating costs by nearly half when it comes into full production, which is expected in Q2 2018. In parallel, Kinrosscommenced a feasibility study for the Phase Two expansion, demonstrating a prudent approach in developing this world-classdeposit. Phase Two, if approved, is expected to again double production, significantly reduce costs and extend mine life. Themarket reacted positively to the phased expansion approach, as it strikes the right balance between a manageable investmentand reduced execution risk, while preserving the attractive growth opportunity at Tasiast.

Extending life of mine at Kupol

At Kupol, which has been one of our most profitable mines, consistently outperforming its goals, we successfully advancedtwo high-grade projects to extend mine life: September Northeast, located 15 kilometers from Dvoinoye, where stripping hasnow commenced, and Moroshka, located four kilometers from Kupol, which is expected to begin mining in the first halfof 2018.

We have also refocused exploration efforts within the existing mine footprint at Kupol, where mineralization is open in certainzones. The company’s recent review of Kupol generated a series of extension targets. Drilling is planned to evaluate potentialadditions to mineral reserves and mineral resources from these extension areas.

Balance sheet strength

Maintaining balance sheet strength has been a key priority at Kinross and a foundation of our success. All investment decisionsare based on ensuring we preserve our balance sheet strength, which remains one of the best in our peer group.

Kinross ended 2016 with $827 million in cash and cash equivalents and $1.43 billion in available credit for total liquidity of$2.3 billion, no debt maturities until 2020, and a trailing net debt to EBITDA(2) of 0.8. This leaves the company in an excellentposition to fund the pipeline of organic development projects while maintaining the financial flexibility to capitalize on anypotential opportunities for the longer term.

In the board’s assessment, the company had a strong year, and we are very pleased with the efforts of management to delivervalue both in 2016 and for the longer term. We have engaged in very productive discussions regarding the future direction ofKinross and are excited about the prospects for the coming years.


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Changes to the Senior Leadership Team

As announced in Q3 2016, Mr. Warwick Morley-Jepson left the company effectiveDecember 31, 2016 to pursue new opportunities. Effective January 1, 2017, twonew members were added to the Senior Leadership Team (SLT ): Mr. LaurenRoberts, Senior Vice-President and Chief Operating Officer, and Mr. Paul Tomory,Senior Vice-President and Chief Technical Officer. These changes emphasize ourtechnical capabilities at the leadership level and reinforce the importance ofoperational excellence. It also allows for a more refined focus on both operationsand projects, with clear mandates for both roles.

Our Named Executive Officers for 2016 include the four continuing SLT members(Messrs. Rollinson, Giardini and Gold, and Ms. Jardine), and Mr. Roberts.Mr. Roberts’ 2016 compensation reflects his prior role as Senior Vice-President,Corporate Development.

2016 Compensation Highlights

Kinross named executive officers (NEOs):

• J. Paul Rollinson, President and Chief Executive Officer

• Tony S. Giardini, Executive Vice-President and Chief Financial Officer

• Geoffrey P. Gold, Executive Vice-President, Corporate Development, External Relations & Chief Legal Officer

• Gina M. Jardine, Senior Vice-President, Human Resources

• Lauren M. Roberts, Senior Vice-President, Corporate Development (Senior Vice- President and Chief Operating Officer as of January 1, 2017)

As outlined above, 2016 was a strong year, delivering positive shareholder returnsand solid operational performance and advancing organic growth opportunities inall regions. The compensation decisions made by the board reflect thatperformance:

• Our assessment of company performance focuses on key items that are withinmanagement’s control. We also consider shareholder returns. Strongperformance on all measures, particularly on balance sheet, costs and totalshareholder returns, resulted in a company performance score of 107% oftarget. Details on company performance against each of the 2016 performancemeasures are provided on page 70.

• Each member of the 2016 SLT contributed to the strong companyperformance. Achieving our targets required that management overcome arange of complex challenges through a determined collective and integratedeffort to mitigate issues and achieve the goals. As a result, equal individualperformance scores of 103.5% for our four continuing SLT members wereawarded, in recognition of both their individual performance and collective

Strong track record

2012 2013 2014 2015 2016

Met or exceeded annual production guidance

� � � � �

Met or came in under annual cost of sales guidance

� � � � �

Met or came in under annual capital expenditures guidance

� � � � �

contribution. Details relating to each individual’s contributions are provided onpage 76.

• Total compensation for the CEO is up 3% over 2015 reflecting stronger company performance. The majority of thisincrease was in the form of long-term equity incentives (LTI ), which made up 56% of his total direct compensation.

• Compensation for the other NEOs is generally flat or has decreased year-over-year primarily as a result of changes inroles that occurred either in 2015 or 2016. The aggregate total compensation for all NEOs is down approximately 10%when compared to 2015.

• We continue to deliver a significant portion of compensation in the form of equity, with LTI making up 50% or more oftotal direct compensation for the continuing SLT members. Consistent with our approach in 2015, performance shareunits (PSUs) make up 50% of the LTI component.

• No salary increases were granted to SLT members in 2016, reflecting the market conditions at the time. For 2017, thefour continuing SLT members will receive increases to recognize performance and better align to the market and internalequity following two years of salary freezes. In addition, our two new SLT members will receive salary increases to bringtheir salaries in line with their new roles and responsibilities. Details on NEO base salaries are provided on page 56.

• No changes were made to Director compensation in 2016, nor are any planned for 2017.


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Reviewing our compensation programs

Each year, we review our compensation programs for alignment with companystrategy and best practices. This is an all-encompassing review, covering the designof our incentive and equity plans, performance metrics used in these plans, pay mix,target compensation levels, comparator group composition, share ownershipguidelines, and executive pension and benefits. An important part of ourcomprehensive review includes careful and close consideration of feedback fromshareholders and the proxy advisory firms.

CorporateResponsibility Operations

Balance Sheet Future

RelativeTotal Shareholder

Returns

Since 2012, we have given our shareholders an opportunity to vote on our approach to executive compensation. We carefullyconsider the results of that vote with a view to understanding any concerns. In addition, for the past three years, we havereached out to shareholders to discuss governance and compensation matters, targeting our largest shareholders, and thosewho have expressed concerns through their votes. In 2016, we reached out to 20 of our largest shareholders, representingabout 40% of our outstanding shares, as well as the two primary proxy advisory firms. Overall, these conversations were verypositive. Key areas of discussion related to board succession planning, performance metrics used to determine compensation,and environmental, social and governance (ESG) matters. For details on this outreach, please see ‘‘Say on pay and shareholderengagement’’ on page 42.

During our 2016 review of our compensation programs, we considered the strong support for our ‘‘say on pay’’ vote, and thefeedback we received from our shareholders through our outreach program. The feedback indicated overall satisfaction withour governance and compensation programs, and recognition of the changes we have made in recent years to our programsand disclosure. While no significant changes were made to our compensation program in 2016, we are continuing to reviewand evaluate alternative performance measures which could be used in our long-term incentive program in response toshareholder feedback.

Shareholder engagement has become an important part of ‘how we do business’, and we expect to continue our annualoutreach.

Sincerely,

John E. OliverChair of the Board and Chair of the Human Resource andCompensation Committee

1. All-in sustaining cost per gold ounce sold is a non-GAAP measure and may not be comparable to measures used by other companies. Management uses this measure internally and believes that itprovides a better understanding of the cost of sustaining gold production. For further details see Kinross’ Management’s Discussion and Analysis for the year ended December 31, 2016.

2. EBITDA is a non-GAAP measure and may not be comparable to measures used by other companies. EBITDA is calculated as operating earnings less depreciation, impairment and certain other itemsexcluded from adjusted earnings and certain non-cash charges.


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Executive compensation discussion and analysis

Philosophy and approachThe following summarizes Kinross’ compensation philosophy for the senior leadership team, outlining the key objectives ofthis program, as well as the key features which support meeting these objectives:

Align executive interests with Kinross’ long-term strategy and those of shareholders

Reinforce Kinross’ operating performance and execution of strategic objectives

Enable Kinross to attract and retain high performing executives

Align pay and performance in a way that is transparent and understood by all stakeholders

1 2 3 4

Compensation Philosophy and Approach

Through

• Rewarding the creation of shareholder value and exceptional performance, without encouraging undue risk-taking

• Including long-term equity-based incentives as a

compensation • Requiring executives to hold

common shares

• Linking a portion of compensation to corporate performance, including annual operating performance

• Linking a portion of compensation to individual performance, including behaviours that support Kinross values

• Competitive pay practices (including internal equity), considering relevant mining and industry benchmarks and other factors

• Clear and complete disclosure of executive compensation approach and rationale

Kinross’ executive compensation program covers the senior leadership team: the President and Chief Executive Officer (CEO)and his direct reports. Four of the five named executive officers (NEOs) were members of the senior leadership team in 2016.Mr. Lauren Roberts participated in our Canadian Vice-President compensation program. Both of these programs include basepay, a short-term cash incentive and long-term equity incentives, as well as pension and other benefits.

Compensation governance

Compensation oversight

Oversight of Kinross’ director and executive compensation programs falls under the human resource and compensationcommittee.

Four independent directors currently sit on the human resource and compensation committee. The board determined that thecomposition of the committee should include the chair of the board and the chairs of the corporate governance andnominating committee and the audit and risk committee so that the human resource and compensation committee maybenefit from input from their respective committees and expertise.

The committee also includes directors with ongoing direct industry involvement and relevant legal background, resulting in awell-rounded skill and knowledge base. All such directors are independent, and their average tenure on the human resourceand compensation committee is more than ten years.



All of the human resource and compensation committee members have gained experience in human resources andcompensation matters by serving as senior executives of major organizations and were directly involved in the design, reviewand implementation of evolving changes to major compensation programs at such organizations. In addition, one member hasspecific experience and expertise in executive compensation and human resources management, and one member serves onthe compensation committees of other public issuers.

All of the members of the human resource and compensation committee are financially literate.

Three human resource and compensation committee members are also members of the audit and risk committee thus helpingensure that material risks identified by the audit and risk committee are considered in determining executive compensation.

You can find more information about the background, experience and independence of each human resource andcompensation committee member by reading their profiles under ‘‘About the nominated directors’’, starting on page 13.

Say on pay and shareholder engagement

Kinross is committed to engaging with its shareholders on a range of matters, from company performance to corporateresponsibility, and from governance to executive compensation (see also ‘‘About shareholder engagement’’ on page 103).Over the past year, Kinross board members and senior executives have engaged with our shareholders on a number ofoccasions to discuss items of interest to those shareholders.

In 2011, Kinross implemented a non-binding advisory vote to provide shareholders with an opportunity to vote on thecompany’s approach to executive compensation. Following each annual general meeting, all voting results, including theresults of the ‘‘say on pay’’ vote, are publicly filed under the company’s profile on the SEDAR website at www.sedar.com. Our‘‘say on pay’’ voting results are summarized below.

Year Votes ‘‘for’’ (%)

2011 95.67. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2012 78.47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2013 78.34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2014 74.75. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2015 94.11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2016 88.76. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

In 2014, we initiated a shareholder outreach program specific to compensation and governance where we contactedshareholders who had holdings totalling, in aggregate, over one-third of our issued and outstanding shares as well as the twoproxy advisory firms. This program was very successful, leading to a very productive dialogue between Kinross managementand the board, and key shareholders. As a result, we have made this outreach an annual event, and met with shareholdersduring late 2015 / early 2016, and again in 2016-17.

The feedback we receive during these meetings is shared with the human resource and compensation committee andconsidered when reviewing our compensation programs. Over the past three years, it has been a factor that has influenced anumber of changes that we have made to our compensation and governance programs.

In 2016, we reached out to twenty of our largest shareholders holding, in aggregate, about 40% of our issued and outstandingshares, and the two top proxy advisory firms. In selecting the shareholders to whom we reached out, we considered not onlythe size of their shareholdings, but also those whose proxy voting indicated possible concerns so we could better understandtheir views and explain our approach. These meetings were very positive, and overall indicated support for our executivecompensation and governance programs. There were three key areas raised by shareholders for discussion in these meetings:

• Board tenure, succession and refresh: This has been an area of focus for Kinross in recent years, and we have taken anumber of steps to address this matter, including implementing term limits in addition to a mandatory retirement age and


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enhancing our disclosure regarding upcoming planned retirement dates. We shared with investors the changes that havetaken place to our board since we began our outreach in 2014. In this period, six board members have left the board,three new members have been added, and we have reduced the size of the board from 12 members to nine. We alsooutlined our process for identifying successors for retiring board members and ensuring a balance of skills, experienceand tenure on the board.

• Performance measures in incentive plans: Over the past several years, we have significantly enhanced our disclosureregarding our incentive plan measures, added relative total shareholder returns as a measure in our short-term incentiveplan, and better aligned these measures to our company strategy. In our discussions with shareholders, we outlined ourapproach for selecting performance measures for our incentive plans, aligned to company priorities and strategy, andfocused on items within the control of management that are expected to impact long-term shareholder value. We alsodiscussed how we establish target performance levels, and confirmed that on all the SLT measures, a minimum level ofperformance (threshold) is required before any payout is earned. In addition, based on feedback from shareholders, weare continuing to assess the possibility of including either a return measure or a per share financial metric in our long-termincentive program. Significant work was done on this front in 2016, and continues in 2017. Shareholders were pleased tosee that we incorporate environment, social and governance (ESG) matters in our incentive programs.

• Performance Share Units: We have increased the proportion of equity granted in the form of restricted performanceshare units (RPSUs) in recent years, and since 2015, 50% of the equity granted to SLT members under our long-termincentive plan has been in the form of RPSUs. We assured shareholders that we intend to continue with that weighting.

In discussing our compensation and governance programs, shareholders acknowledged that they had seen and appreciatedsome of the improvements we had made to our programs in recent years, and to our disclosure. Overall, our shareholdersindicated they were satisfied with our approach to executive compensation and governance. We look forward to continuingthese discussions in 2017.

Managing risk

Within the context of Kinross’ risk oversight practices, the human resource and compensation committee seeks to approvecompensation programs that motivate executives to take action to fulfill the business objectives of the company’s strategywithout taking undue risks.

Our compensation program for executives includes a number of important compensation and governance best practices thatwe believe help mitigate risk in this program:

What we do

Link incentive compensation measures to strategic and annual objectives

Use diversified measures to assess company and individual performance to provide a balanced approach to incentivesand avoid undue focus on any particular measure

Cover a range of time periods in our incentive plans to balance short-term objectives and longer term performancemeasurement (from one to seven years)

Tie pay to performance by having more than 78% of NEO total direct compensation ‘‘at-risk’’, with annual incentiveawards determined based on operational and relative performance

Cap incentive payments (150% of target on short-term incentives, and 200% of target on RPSU vesting)

Align realized pay to total shareholder returns by providing a significant portion of total compensation in equity awards,and increasing the weighting on performance-based equity while decreasing the weighting on stock options

Benchmark compensation against a size and industry appropriate comparator group and target compensation in themedian range

Align interests of executives with those of shareholders through meaningful share ownership guidelines


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Use an independent compensation advisor

Apply board discretion, upward and downward, as appropriate to address exceptional circumstances not contemplatedby the performance measures

Provide shareholders with a ‘‘say-on-pay’’ and conduct an annual shareholder outreach

Maintain compensation recoupment policies

Maintain double-trigger change of control provisions in executive agreements

Conduct an annual risk review of, and include a number of risk mitigation measures in, our compensation programs

Implement equity plans that prohibit option cash buyouts and repricing

Prohibit the senior leadership team, executives, employees and directors from hedging personal holdings against adecrease in the price of our common shares

What we don’t do

� Provide guaranteed minimum payouts on incentive plans or guaranteed vesting levels for RPSUs

� Credit additional years of service not earned in the retirement plan

� Provide future executive agreements that provide severance benefits exceeding two times base salary, bonus and benefits

� Reprice or reload options

� Provide loans to executives

� Provide excise tax gross-ups for change-in-control payments

Annual risk review

Each year, the human resource and compensation committee completes a risk review of the compensation programs, policiesand practices for executives and other employees.

This includes a review of both the performance measures and compensation plan designs to assess whether they collectivelyprovide a balanced approach to risk. The goal is to ensure that there is appropriate governance in place to mitigate the risk ofcompensation practices providing incentives for excessive risk-taking, inappropriate decision-making or fraud.



As part of its compensation risk review in 2016, the human resource and compensation committee completed the following:

Reviewed ‘‘risk’’ in Kinross’ global compensation programs

Objective Assess whether compensation plans might incent or motivate inappropriate risk-taking, or causeexecutives to take actions that could have a significant negative impact on the company.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Process The human resource and compensation committee reviewed Kinross’ compensation programs, practicesand documentation in the context of:

• incentive plan performance measures, compensation plan funding, incentive plan performanceperiods, pay mix, goal setting and leverage, controls and processes;

• Canadian Securities Administrators’ examples of potential situations that could encourage anexecutive officer to expose the company to inappropriate or excessive risks; and

• key business risks.

Internal audit and risk has reviewed the materials prepared and provided comments prior to the materialsbeing presented to the committee.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Outcome The human resource and compensation committee has reviewed Kinross’ compensation programs andpractices, and has not identified any compensation programs or practices that could motivate decisionmakers, individually or collectively, to take actions that could have a significant negative impact on theorganization. Furthermore, the human resource and compensation committee is comfortable that Kinross’key business risks and related performance measures are appropriately considered in our incentive plans.

Stress-tested the senior leadership team’s compensation

Objective Consider a range of performance outcomes, and how these would affect compensation payable todetermine if rewards are appropriate under various scenarios.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Process The human resource and compensation committee reviewed possible combinations of compensationoutcomes to determine the range of potential realized compensation under the current plans andalignment to performance, as follows:

• base salary fixed at current levels;

• short-term incentive payouts at various possible levels of achievement (50% of target, at target, andmaximum);

• all outstanding LTI at a range of possible future values:

• share prices ranging from –30% up to +120%; and

• RPSUs vesting at 50%, 100% and 150% of granted units.

In addition, the human resource and compensation committee reviewed the variation in the mix of equityrealizable under different share price scenarios.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Outcome The human resource and compensation committee is satisfied that the range of possible outcomesdelivered by Kinross’ compensation programs is appropriate and provides for alignment withperformance. In addition, the committee is comfortable that the potential range of realized gains onoutstanding long-term incentive awards is aligned to the creation of shareholder value. Our compensationplans are capped at the date of grant, so maximum compensation amounts are quantifiable in advance ofmaking decisions about short-term incentive payouts and equity grants.



Reviewed realizable pay

Objective Understand actual compensation outcomes for the CEO relative to peers, and review the effectiveness ofthe compensation program in aligning pay to performance.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Process The human resource and compensation committee reviewed a range of realized and realizable paycalculations, as follows:

• Reviewed both realized pay and realizable pay for the CEO calculated using Equilar, ISS andConference Board Working Group methodologies;

• Compared realized / realizable pay and performance to six key gold comparators, and the fullcomparator group over a three year period (2013-2015); and

• Considered several different readily available performance measures: net income, revenue growth,total shareholder returns, and change in operating cash flow.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Outcome The human resource and compensation committee is satisfied that realizable pay over the three-yearperiod when considered relative to peers demonstrated pay for performance alignment. Kinross’ realizedpay ranked among the lowest of the key gold comparators, aligned to relative total shareholder returns,while realizable pay positioning varied based on the methodology. In addition, the committee recognizedthat Kinross’ operating performance was equal to or better than many competitors during this period, yetrealized pay for the CEO was significantly lower than that for key comparators.

Independent advice

The human resource and compensation committee has retained Mercer Canada Ltd. (Mercer ) as its independent advisor since2002 to review and advise the committee on market practices in executive compensation plan design and governance, as wellas competitive market benchmarking. Mercer’s mandate includes:

• Competitive market benchmarking analysis for the senior leadership team;

• Competitive market benchmarking analysis for the independent directors; and

• Review and advice relating to market practices in executive compensation plan design (cash and equity incentive plans,pay and equity mix, benefits and perquisites) and governance.

Mercer is a wholly-owned subsidiary of Marsh & McLennan Companies (MMC ), and as such is affiliated with a number of otherspecialized organizations also owned by MMC, such as Oliver Wyman, Marsh Canada, and National Economic ResearchAssociates. These affiliate organizations have provided services to Kinross that are not related to executive compensation.

Mercer’s professional standards prohibit the individual consultant from considering any other relationships Mercer or any of itsaffiliates may have with the company in rendering his or her advice and recommendations. Mercer consultants are notcompensated based upon client revenue from other lines of business or other MMC companies. As such, fees paid by Kinrossto Marsh Canada of $1,715,395 do not impact or influence the compensation paid to Kinross’ board advisor. The board isconfident that Mercer’s independence and objectivity is not compromised by the relationships the company has with otherMMC entities, and continues to consider Mercer to be independent. Detailed below is the SEC six factor independence testwhich is reviewed annually by Kinross’ human resource and compensation committee.

1. Provision of other services to Kinross Gold Corporation by the adviser’s employer

2. Amount of fees received from Kinross Gold Corporation by the adviser’s employer as a percentage of employer’s annualrevenue (revenue concentration percentage)

3. Policies and procedures of the person that employs the adviser designed to prevent conflicts of interest

4. Any business or personal relationship of the adviser with a member of the compensation committee


Fees paid to Mercer and affiliated companies were either in United States dollars, or in Canadian dollars and converted to United States dollars for purposes of this table using the following US$exchange rates for CAD $1.00: 2016 – 0.7448; 2015 – 0.722500.


5. Any stock of the issuer owned by the adviser or his or her immediate family

6. Any business or personal relationship of the adviser with an executive officer at Kinross Gold Corporation

Although Mercer provides independent advice to the human resource and compensation committee, the decisions reachedby the committee reflect factors and considerations beyond the information and recommendations provided by Mercer.

In respect of fiscal 2016, Mercer conducted a competitive benchmarking analysis for the NEOs and other members of thesenior leadership team and independent directors, provided assistance with the drafting of the management informationcircular disclosure, and updated the committee regarding governance matters. Mercer attended all or part of the humanresource and compensation committee meetings.

The human resource and compensation committee must pre-approve services that Mercer provides to the company at therequest of management with respect to executive compensation related services. From time to time Mercer and affiliateorganizations may provide services to the company that are not related to executive compensation. The human resource andcompensation committee reviews and considers those services and fees annually, but does not pre-approve such services.

Below is a summary of the fees paid to Mercer for its services to the human resource and compensation committee as well asfees paid to affiliates of Mercer for their unrelated services to the company, for the last two fiscal years ended December 31,excluding applicable taxes.

2016 2015Services provided (US$)(1) Services provided (US$)(1)

Executive compensation-related fees $68,399 Executive compensation-related fees $80,266. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Competitive benchmarking analysis for the NEOs and Competitive benchmarking analysis for the NEOs andindependent directors independent directors

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Assistance with drafting of proxy disclosure Assistance with drafting of proxy disclosure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Governance updates Governance updates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Attendance at human resource and compensation Attendance at human resource and compensationcommittee meetings committee meetings

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other fees – Mercer $64,601 Other fees – Mercer $59,999. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Published surveys, industry forums and data, cost of living Published surveys, industry forums and data, cost of livingreport report

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Global mobility membership. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other fees – affiliated organizations $1,715,395 Other fees – affiliated organizations $2,273,683. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Marsh Canada Limited – insurance brokerage fees and Marsh Canada Limited – insurance brokerage fees andinsurance claim advocacy insurance claim advocacy

1.


17MAR201717520744

17MAR201717521018


Annual review and decision-making

Meeting the objectives of the company’s executive compensation program requires careful consideration of severalkey factors:

• market comparators

• compensation elements and mix

• executive share ownership

• paying for performance

It also requires diligent oversight and alignment with prudent risk-taking, as described under ‘‘Compensation governance’’ onpage 41.

The human resource and compensation committee reviews each of these factors and the program as a whole on an annualbasis to satisfy itself that they continue to be fair, competitive, and aligned with the objectives of the compensation program.They also consider shareholder feedback and best practices. Details on changes made as a result of the 2016 review aredescribed in the following sections.

Market and peer reviews

To ensure that our executive compensation program continues to ‘‘enableKinross to attract and retain high performing executives’’, the human resourceand compensation committee approves the companies in Kinross’compensation comparator group on an annual basis. In 2016, the committeeconsidered companies that are similar to Kinross in size, scope, complexity ofoperations; and that are appropriate and reflective of the companies withwhich Kinross competes for executive management talent and/or capital. Tobe included in our compensation comparator group, a company needed tomeet the criteria noted.

The company targets compensation in the median range of the comparator group.

In completing this review and making changes, the committee:

Criteria

Related industry, subject to similar challenges (capital-intensive; long project cycles; cyclical market);

Similar market capitalization (generally betweenone-half and two times that of Kinross over a three orfive year period, with some exceptions for key goldcomparators);

Headquartered in Canada or US (except key goldcomparators); and

Has operations in more than one country, facingsome political risk and geographic diversity.

• Considered shareholder feedback relating to the composition of thecomparator group;

• Wanted to maintain a high degree of comparability from year to year in thecomparator group to minimize volatility in the compensation targets; and

• Looked to keep a high proportion of the comparator group in the goldmining sector.

As a result of this review, the committee made only one change to thecompanies included in the comparator group, removing Peabody EnergyCorporation which had filed for bankruptcy protection.


17MAR201717521582

Source of market capitalization: Bloomberg, using US Ticker.

Scope of operations information was gathered from each company’s corporate website.


The following is the 2016 compensation comparator group:

Market Cap (US$millions)

Company (TSX or NYSE Ticker Symbol) Industry (GICS) Scope of Operations(2) 5 Year Average Dec 31/15

(2011-2015) (US$)(1)

(US$)(1)

Argentina, Australia, Canada, Chile, Dominican Republic,Barrick Gold Corporation (ABX) Gold $28,346 $8,628

Papua New Guinea, Peru, Saudi Arabia, United States, Zambia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Argentina, Canada, Dominican Republic, Guatemala, Honduras,Goldcorp, Inc. (G) Gold $25,813 $9,602

Mexico. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Newmont Mining Corporation (NEM) Gold Australia, Ghana, Suriname, Peru, United States $18,697 $9,528. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Teck Resources Limited (TCK) Diversified Metals & Mining Canada, Chile, Peru, United States $16,222 $2,226. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Newcrest Mining Limited (NCM) Gold Australia, Cote d’Ivoire, Indonesia, Papua New Guinea $15,397 $7,685. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Oil & Gas Exploration &Encana Corporation (ECA) Canada, United States $14,439 $4,320

Production. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fertilizers & Agricultural Argentina, Australia, Brazil, Canada, Chile, Egypt, France,Agrium Inc. (AGU) $13,811 $12,342

Chemicals Germany, Italy, Romania, United States, Uruguay. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Argentina, Australia, Brazil, Colombia, Democratic Republic ofAngloGold Ashanti Limited (AU) Gold $9,531 $2,781

Congo, Ghana, Guinea, Mali, Tanzania. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

First Quantum Minerals Ltd. (FM) Diversified Metals & Mining Australia, Finland, Mauritania, Spain, Turkey, Zambia $9,462 $2,577. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cameco Corporation (CCO) Coal & Consumable Fuels Canada, Kazakhstan, United States $8,102 $4,886. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yamana Gold Inc. (YRI) Gold Argentina, Brazil, Canada, Chile $8,024 $1,760. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Randgold Resources Limited (RRS) Gold Democratic Republic of Congo, Cote d’’Ivoire, Mali $7,606 $5,691. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Agnico Eagle Mines Ltd (AEM) Gold Canada, Finland, Mexico $7,118 $5,735. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Eldorado Gold Corp. (ELD) Gold Greece, Turkey $6,404 $2,125. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Gold Fields Limited (GFI) Gold Australia, Ghana, Peru, South Africa $6,403 $2,116. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cliffs Natural Resources Inc. (CLF) Steel Australia, United States $5,054 $243. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

New Gold Inc. (NGD) Gold Australia, Canada, Mexico, United States $3,428 $1,186. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IAMGOLD Corporation (IMG) Gold Burkina Faso, Canada, Mali, Suriname $3,357 $560

1.

2.

The following charts show Kinross’ size relative to the comparator group, as well as the breakdown of the comparator group byindustry (based on the Global Industry Classification Standard, or GICS):

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

ABX G NEM TCK NCM ECA AGU AU FM

Market Capitalization5-Year Average(US$millions)

K CCO YRI RRS AEM ELD GFI CLF NGD IMG


17MAR201717520606

12MAR201717570759


Comparator group by industry

Fertilizers + AgriculturalChemicals: 6% (1 comparator)

Agrium

Diversified Metals + Mining: 11%(2 comparators)

First Quantum | Teck Resources Oil + Gas Exploration: 6% (1 comparator)Encana

Coal + Consumable Fuels: 6% (1 comparator)Cameco

Steel: 6% (1 comparator)Cliffs Natural Resources

Gold: 67% (12 comparators)Agnico-Eagle | AngloGold Ashanti | Barrick | Eldorado Gold Fields | Goldcorp | IAMGOLD | New Gold Newcrest | Newmont | Randgold | Yamana

The compensation data gathered for the companies in the comparator group is referenced when determining a starting basesalary for new executives, when considering annual total compensation awards (base salary increases, short- and long-termincentives) for the company’s senior leadership team, as well as when reviewing other elements of the total compensationprovided (e.g. pension and benefits) and market best practices. In addition, the human resource and compensation committeereviews compensation levels of companies in the S&P TSX 60 to understand the position of Kinross’ compensation relative tothe general Canadian market.

Each compensation element for each NEO is reviewed against the 50th percentile and the 75th percentile for comparablepositions within the comparator group. The company targets total compensation in the median range of the comparatorgroup, however other factors will influence the position of an executive’s actual total compensation in any given year, includingthe number of applicable comparator positions, internal equity, unique roles and responsibilities and company and/orindividual performance. Emphasis is placed on incentive or ‘‘at-risk’’ compensation. Where executive performance is belowexpectations, total compensation will be lower relative to the market; where executives achieve exceptional results, it willresult in higher total compensation. However, in all cases the comparator data is used as a reference and guideline, and otherfactors are considered by the human resource and compensation committee in determining compensation for executives.

In addition, the company maintains a performance peer group, which is limited to the 12 gold companies in thecompensation comparator group. As these companies are subject to the same commodity cycle and price pressures, webelieve they are the most relevant group for assessing performance. The human resource and compensation committeeconsiders this peer group when assessing Kinross’ relative total shareholder returns and relative performance on other metrics.

Compensation mix

To meet the objectives of the Kinross executive compensation program,Kinross has chosen to use a variety of forms of compensation, includingbase pay and ‘‘at-risk’’ compensation (short- and long-term incentives), aswell as pension and other benefits. Kinross believes this mix will enable us

For the senior leadership team, equity makesup 50% or more of total direct compensation;50% of equity is granted in the form of RPSUs

to attract and retain a top calibre senior leadership team, align theirinterests with Kinross’ long-term strategy and the interests of shareholders, and reinforce Kinross’ strategic performance andexecution of strategic objectives. The human resource and compensation committee has established a target pay mix(the proportion of total direct compensation which comes from each of base salary, short- and long-term incentives) for seniorexecutives. The target mix is reviewed annually to ensure that it continues to be effective, and adjustments are made from timeto time as necessary. When annual compensation recommendations are prepared, actual mix is reviewed and adjustments tocompensation may be made to better align proposed compensation to the target pay mix.


17MAR201717520463

17MAR201717520020


The mix in direct compensation achieved in 2016 for Kinross’ CEO and the average mix for the other NEOs is set out below.Further details regarding each element of compensation can be found under ‘‘Components of Executive Compensation’’starting on page 55.

2016 compensation mix – President and CEO

Paul Rollinson Actual (US$)

Base salary 968,240. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Short-term incentive 1,533,693. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Equity – RPSUs 1,573,390. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Equity – RSUs 944,034. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Equity – options 629,356. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total equity 3,146,781. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Equity - options11%

Equity - RSUs17%Total equity

56%

Equity - RPSUs28%

Base salary17%

Short-term incentive27%

2016 compensation mix –President and CEO

Total ‘‘at-risk’’ compensation 4,680,473

2016 average compensation mix – Other NEOs

Other NEOs (excluding CEO) Actual (US$)

Base salary 438,501. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Short-term incentive 434,125. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Equity – RPSUs 452,326. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Equity – RSUs 308,520. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Equity – options 182,211. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total equity 943,057. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Equity - options10%

Equity - RSUs17%Total equity

52%

Equity - RPSUs25%

Base salary24%

Short-term incentive24%

2016 averagecompensation mix –Other NEOs

Total ‘‘at-risk’’ compensation 1,377,182

Compensation is in Canadian dollars and was converted to United States dollars for purposes of these graphs using the exchange rate of CAD $1.00 = USD $0.7448.

The mix of long-term incentive components is also reviewed annually. Kinross introduced restricted performance share units(RPSUs) as part of the 2008 annual compensation awards, with a weighting of 5% of total equity awards. Since then, the humanresource and compensation committee has increased the weighting on RPSUs five times, resulting in the CEO receiving 50%of his equity in the form of RPSUs for 2014 to 2016, and RPSUs making up 50% of the equity granted to the other members ofthe senior leadership team for 2015 and 2016.

In all other aspects, the human resource and compensation committee concluded that the company’s compensation mix in2016 met its stated objectives.

Share ownership

An important objective of Kinross’ executive compensation plan is to align executive interests with Kinross’ long-term strategyand the interests of shareholders. To accomplish this objective, we include long-term equity-based incentives as a significantportion of annual compensation, and require the senior leadership team to hold common shares.

Kinross implemented a share ownership policy for its senior executives in December 2006, and then reviewed and updated itto increase the share ownership requirements in February 2008, and to include a portion of an executive’s RPSUs in thecalculation in 2012. No change is currently planned to the policy in 2017; however Kinross will be completing its annual reviewof its programs later this year to ensure alignment with market best practices, its long-term strategy and the interests ofshareholders.


12MAR201717501487


Under this policy, NEOs and certain other senior executives arerequired to hold a minimum value in common shares, restricted shareunits and/or RPSUs (but not options), determined as a multiple of hisor her average year-end base salary for the most recent three years(average salary). The value held is determined as the greater of bookvalue or market value of the common shares and/or restricted shareunits (including 80% of RPSUs) held by the executive. Seniorexecutives must meet this requirement within three years of beinghired or promoted to a level with a higher share ownership

Share Ownership Requirements

CEO5 average salary

Other SLT members3 average salary

requirement.

Kinross prohibits the senior leadership team, executives, employees and directors from hedging personal holdings against adecrease in the price of our common shares.

While the company has not implemented a holding policy, as a practice Kinross executives generally hold most of the sharesthey receive, both before and after meeting the share ownership requirements. For example, our CEO has not sold any sharesin the past six years, except to cover taxes payable in connection with the issuance of these shares. The following table showsthe status of each NEO’s holdings relative to the share ownership requirements on December 31, 2016. All of Kinross’ NEOswho have reached the deadline for achieving their share ownership requirements have met or exceeded their requirements.

Name Eligible share holdings(1)(2)(3) 2016 share ownership

Value of Value of Value of Value of Required Required Holdings Multiple of Deadline to

RSUs (US$) RPSUs (US$) common total (US$) multiple of value(4) multiple of requirement meet

shares (US$) average (US$) average met(3) requirement(5)

salary salary

# of RSUs # of RPSUs # of common # of totalshares

J. Paul Rollinson $2,158,942 $3,958,675 $3,956,075 $10,073,691 5x $4,841,201 10.4x 2.1 n/a675,685 1,217,012 728,683 2,621,380

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Tony S. Giardini $879,772 $1,277,981 $1,069,214 $3,226,967 3x $1,452,360 6.7x 2.2 n/a284,468 393,986 323,693 1,002,146

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Geoffrey P. Gold $934,329 $1,357,488 $2,281,796 $4,573,613 3x $1,519,392 9.0x 3.0 n/a302,664 419,750 316,497 1,038,911

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Gina M. Jardine $363,388 $458,034 $107,863 $929,285 3x $1,061,340 2.6x 0.9 April 7, 2018143,144 185,467 20,928 349,539

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Lauren M. Roberts $494,379 $402,356 $487,561 $1,384,297 3x $1,209,835 3.4x 1.1 January 1, 2020159,231 123,630 100,690 383,551

1. Common shares and RSUs (including 80% of RPSUs) but not options.

2. The value held is determined as the greater of book value or market value. Book value was calculated using the share price at time of purchase, or the price at time of vesting in the case of vestedRSUs/RPSUs, or the grant value for unvested RSUs/RPSUs.

3. Values are in Canadian dollars and were converted to United States dollars for purposes of this table using the exchange rate of CAD $1.00 = USD $0.7448.

4. Based on the average year-end base salary for the years 2014, 2015, and 2016. Average year-end salary is in Canadian dollars and was converted to United States dollars using the exchange rate ofCAD $1.00 = USD $0.7448.

5. New NEOs have three years from date of hire or promotion to a role to meet their share ownership requirements. The newest NEOs are Ms. Jardine who joined the company on April 7, 2015 andMr. Roberts who was promoted to Senior Vice-President and Chief Operating Officer on January 1, 2017. Mr. Roberts is subject to share ownership requirements on January 1, 2017. Hisshareholdings as of December 31, 2016 are for information only.


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How we pay for performance

A substantial portion of the senior leadership team’s compensation is at risk and linked to the company’s performance:

• short-term incentive payments are determined based on annual company performance,

• RPSUs vest based on company performance over a three-year period, and

• the realized value from equity incentives reflects share price performance over time.

Kinross’ annual operating performance objectives are laid out in its Four Point Plan, with a short-list of strategic measuresaligned to the Four Point Plan being used to measure company performance for the senior leadership team (the SLTmeasures). Each year, the board approves the specific performance measures and associated metrics for the year, which arelinked to the company’s core purpose of leading the world in generating value through responsible mining, and are aligned tothe long-term strategy, as further discussed under ‘‘Assessing 2016 company performance’’ on page 68. More detailed tacticsand objectives are cascaded through the organization to provide alignment with performance objectives.

At the end of the year, company performance is assessed based on the Four Point Plan and SLT measures, and individualperformance is assessed based on related individual objectives. In addition, company performance is reviewed relative tocompetitor companies. Considering both absolute and relative performance, individual and company performance multipliersare established for short-term incentive purposes, and a multiplier is determined to calculate long-term incentives. Thesedecisions drive the calculation for the initial compensation recommendations for the senior leadership team, including theCEO, as outlined below.

BaseSalary

Long-termincentive

(multiplier of basesalary)

Short-termincentive

targetincentive

performance multiplier Total directcompensationCompany

(60%)Individual

(40%)

After reviewing the initial compensation recommendations, the CEO and the human resource and compensation committeemake adjustments based on pay mix, market positioning, internal equity, retention and shareholder returns, as well asextraordinary circumstances.

For more information on the performance measures established for the company and each individual, as well as actualperformance relative to these targets which was considered in establishing individual and company multipliers, see ‘‘2016 SLTmeasures’’ on page 69, and ‘‘Individual performance – Named executive officers’’, starting on page 76.

Using discretion

Kinross seeks to foster a culture that encourages an objective assessment of performance and the exercise of appropriatediscretion to adjust compensation to reflect unsatisfactory or exceptional performance. While the emphasis is on actual andrelative performance, as well as competitive market data, the CEO and the human resource and compensation committee mayalso exercise discretion to reflect extraordinary events and prevailing circumstances and market conditions.

In 2016, the human resource and compensation committee applied its judgment in the assessment of company and individualperformance, and felt that the compensation outcomes resulting from the application of the compensation programs andformulae were appropriate. The committee did not exercise any further discretion to change these outcomes.


17MAR201717521879


Compensation approval process

The executive compensation process depends on assessing company and individual performance. The annual cycle tomeasure performance, then determine and approve executive compensation, is as follows:

Company Four Point Plan and SLT measures• management develops (and board approves) annual Four Point Plan objectives and SLT measures based on Kinross strategic plan• management cascades company objectives to establish regional, site, department and individual objectives

Performance• executives and employees strive to achieve company, department and individual objectives; receive feedback on performance

Year end assessment – internal• management assesses performance against company and department objectives• CEO assesses performance of direct reports against individual objectives

Year end assessment — external• management assesses company performance and total shareholder returns relative to key industry competitors

Compensation recommendations• management prepares the initial compensation recommendations for executives based on performance and market data — includes incentive awards for most recent year, as well as potential merit increases for the upcoming year

Review of recommendations• HRCC reviews management recommendations and input from the independent consultant and provides counsel to the board

Board approval • board approves executive compensation based on HRCC recommendation

Comparator group• HRCC reviews the comparator group criteria for alignment with compensation strategy• HRCC updates and approves the companies in the comparator group

Competitor data & executive holdings• HRCC reviews previous year compensation awards by companies in comparator group• HRCC reviews current executive equity holdings

Market trends / best practices / shareholder feedback• considering market trends & best practices, as well as shareholder feedback, management and the HRCC review the executive compensation program and adjust as necessary

Human resource and compensation committee (HRCC) review• HRCC reviews company performance against objectives and relative to key competitors• HRCC reviews and recommends company performance multiplier and RPSU performance vesting factor• HRCC reviews CEO performance and reviews and recommends CEO and NEO performance ratings

Performance Compensation



The CEO evaluates his direct reports based on their performance against individual objectives and their contribution to overallcompany performance. Based on that assessment, he makes a recommendation regarding their individual short-term incentive(STI) component to the human resource and compensation committee for approval. The CEO and human resource andcompensation committee may also exercise discretion when making incentive compensation decisions, as outlined under‘‘Using discretion’’ above.

Details of the compensation granted to the NEOs are reported in the ‘‘Key summary tables’’ starting on page 82.

Components of executive compensationThe table below summarizes the components of our 2016 executive compensation plan applicable to all Named ExecutiveOfficers (NEOs). More information about the individual components and mix can be found on pages 56 to 67.

Component Form Period How we determine the award

Base salary Cash One year Based on role, market comparators, internal equity, individual experience and performance.(page 56)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Short-term Cash One year Target award is established based on market comparators and internal equity.incentive (page 56) Actual awards are based on company and individual performance, and consider overall pay

mix guidelines.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Long-term Restricted share Three years; Target grant value based on market comparators.(equity) units (RSUs) vest in thirds over Actual grant value may be above or below target based primarily on company and individualincentive (page 59) three years performance.(pages 57 to 64)

The human resource and compensation committee determines the mix of equity to be granted toNEOs for each calendar year. For 2016, RSUs made up 30% of the NEO’s long-term incentiveaward (50% for Mr. Roberts(1)).

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Restricted Three years; Target grant value based on market comparators.performance vest at end of Actual grant value may be above or below target grant value based primarily on companyshare units three years, and individual performance.(RPSUs) based on

Final amount vested is based on company performance relative to performance measures. For the(pages 60 to 63) performance relative2016 grant, these measures were: relative total shareholder return; production; and all-into targetssustaining cost(2) per ounce.

For the 2016 grant, RPSUs made up 50% of the NEOs long-term incentive award (35% forMr. Roberts(1)).

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Options Seven year term; Target grant value based on market comparators.(page 64) vest in thirds over Actual grant value may be above or below target based primarily on company and individual

three years performance.

For the 2016 grant, options made up 20% of the NEOs’ long-term incentive awards (15% forMr. Roberts(1)).

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Employee Benefits and Ongoing Based on market comparators.benefits and perquisites Includes life, accidental death, critical illness, and disability insurance, health & dentalperquisites (page 65) coverage, benefit reimbursement plan, security services, and other benefits.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Employee share Continuous based Employees including NEOs may contribute up to 10% of their base salary. 50% of the participant’spurchase plan on eligibility contribution is matched by the company on a quarterly basis and total contributions are used to(page 66) requirements purchase company shares.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Retirement Executive Ongoing Based on market comparators.allowance retirement 15% or 18% of base salary and target bonus, accrued quarterly.

allowance planMr. Roberts did not participate in this plan or any other pension plan in 2016(1).(page 67)

1. Mr. Roberts was not a member of the SLT in 2016 and did not participate in Kinross’ executive compensation program. His compensation was determined based on his 2016 role of SeniorVice-President, Corporate Development, and was similar to that awarded to other senior Canadian executives.

2. All-in sustaining cost per gold ounce sold is a non-GAAP measure and may not be comparable to measures used by other companies. Management uses this measure internally and believes that itprovides a better understanding of the cost of sustaining gold production. For further details see Kinross’ Management’s Discussion and Analysis for the year ended December 31, 2016.


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Base salary

To attract and retain a high-performing senior executive team, Kinross targets base salaries around the median of thecompensation comparator group.

Base salaries paid to individual executives reflect:

• the scope, complexity and responsibility of the position;

• salary levels for similar positions in Kinross’ comparator group;

• the executive’s previous experience; and

• the executive’s performance.

Each year Kinross reviews competitive market data and completes individual performance assessments. Where necessary,base salaries are adjusted to reflect individual performance and remain competitive in the market. The human resource andcompensation committee reviewed base salaries in February 2016, but considering current market conditions and marketdata, decided not to increase base salaries at that time. Following two years of salary freeze, in February 2017, the committeeapproved increases for the existing SLT members to recognize performance and to better align to the market and internalequity. The following are the 2017 salaries for the named executive officers (all in Canadian dollars):

• J. Paul Rollinson: $1,400,000

• Tony S. Giardini: $680,000

• Geoffrey P. Gold: $700,000

• Gina M. Jardine: $488,000

• Lauren M. Roberts: $575,000, reflecting his new role as Senior Vice-President and Chief Operating Officer

Further information regarding each executive’s 2016 base salary is provided with the ‘‘Summary compensation table’’ onpage 82.

Short-term incentive plan

Kinross’ short-term incentive plan covers salaried employees across the company and is designed to reward company, site /region and individual performance in the most recent fiscal year. The measures for the year are focused on strategic andoperational metrics which are within the control of executives and employees and are cascaded throughout the organization.The senior leadership team short-term incentives are calculated as follows:

Target incentive

(based on marketpractices and

internal alignment)

75 – 150% of base salary

(relative to objectives

and competitors)

0 – 150% of targetweighting: 60%

(considers leadership, team and

individual performance)

0 – 150% of targetweighting: 40%

Companyperformance

multiplier

Individualperformance

multiplier

Short-termincentive

Of the NEOs, only Mr. Roberts’ short-term incentive was determined differently, with a target short-term incentive of 45%, and50% weighting on each of the company and individual performance multipliers.



Target incentive – Short-term incentive targets are established based on competitive market data and internal equity, andtarget levels are reviewed regularly for competitiveness. Mr. Roberts’ target was increased to 75% effective January 1, 2017, asa result of his promotion to Senior Vice-President and Chief Operating Officer. No other adjustments were made to theshort-term incentive targets for NEOs for 2016 or 2017.

Company performance multiplier – Each year, the board reviews company performance against the objectives establishedfor the senior leadership team, as well as the company’s relative performance compared to its competitors. The board thendetermines the company performance multiplier which will apply to the senior leadership team. This multiplier can range from0 – 150%, and makes up approximately 60% of their total short-term incentive. The weighting on company performance variesby level across the organization, and the multiplier for employees, determined based on Four Point Plan objectives, may bedifferent from that for the senior leadership team. For 2016, the board approved a company performance multiplier of 107%for the senior leadership team (for details, see ‘‘2016 SLT measures’’ on page 69), and 107% based on the Four Point Planwhich was applied to Mr. Roberts.

Individual performance multiplier – The remaining 40% (approximately) of the short-term incentive is based on individualperformance. The CEO reviews individual performance for his direct reports for the year against individual objectives alignedto the Four Point Plan, and determines an individual performance multiplier using the same range (0 – 150%). A similar reviewfor the CEO’s performance is completed by the human resource and compensation committee. The assessment of individualperformance is not a formulaic process and judgment is exercised in determining the individual performance multiplier to beapplied. Details regarding individual performance and the resulting multipliers are provided under ‘‘Individual performance –Named executive officers’’, starting on page 76.

Once the short-term incentive is calculated using the factors and formula outlined above, the pay mix is also reviewed, andadjustments may be made to the proposed short-term incentive and/or planned equity awards to better align cash and equityfor the senior leadership team to the target pay mix.

In addition, the CEO and human resource and compensation committee retain discretion to make adjustments to the finalindividual incentive payments based on factors such as market performance and competitive compensation, year-over-yearperformance and compensation, and internal equity.

The CEO and human resource and compensation committee also retain the right to exercise discretion when makingshort-term incentive compensation decisions to reflect extraordinary events, prevailing circumstances and market conditionsas outlined under ‘‘Using discretion’’, on page 53. In 2016, no discretion was applied to adjust the short-term incentive awardsfor the CEO or other NEOs.

Occasionally, as part of an overall retention strategy and aligned to our talent management and succession programs, Kinrossmay grant retention bonuses to certain executives which are paid out in cash on a certain date, subject to continuedemployment until such date. Mr. Roberts received such awards in 2012, paid in 2014; in 2014, paid in 2015 and 2016, and in2015 in connection with his relocation, paid in 2016. These amounts have been included in the ‘‘Summary compensationtable’’.

Long-term incentives

Kinross provides long-term equity incentive compensation with the following objectives:

• align the interests of executives with those of shareholders;

• focus efforts on improving shareholder value and the company’s long-term financial strength;

• reward high levels of performance;

• provide incentive for high levels of future performance; and

• provide a retention incentive to continue employment with the company by providing executive officers with an increasedfinancial interest in the company.



Long-term incentives are granted as part of the company’s annual performance and compensation review, and may also begranted on hire, and in certain circumstances, as a result of a promotion. In determining eligibility and target grant levels forlong-term incentives, the human resource and compensation committee considers competitive market practices, as well asinternal equity and the importance of different roles to the organization.

The value of an individual’s actual annual grant is determined as a multiplier of annual base salary based primarily on companyand individual performance. Other factors considered include: position, level of responsibility, long-term performance,potential, and retention factors. The human resource and compensation committee also considers each NEO’s existingholdings and outstanding awards (including previously granted awards) prior to determining the annual grant. The value of theannual grant may be further reduced or increased based on the positioning of total direct compensation relative to thecomparator group, considering relative individual and company performance and other factors. The resulting pay mix is thenreviewed with adjustments made to the proposed short-term incentive and/or planned equity awards to better align cash andequity for each NEO to the target pay mix. The CEO and the human resource and compensation committee may exercisediscretion to reflect extraordinary events, prevailing circumstances and market conditions.

Once the total value of the grant has been determined, it is divided among the component elements of Kinross’ equityincentive plan: share options, RSUs, and RPSUs. Each year the human resource and compensation committee reviews therelative weighting of each component as compared to current competitive market practices and the objectives of the plan,and makes adjustments as needed.

Over the last five years, the committee has made a number of adjustments to the mix, consistently increasing the weighting onRPSUs, while decreasing the weightings on options as well as RSUs. The weighting of the components of the annual equityaward for 2011 to 2016 was as follows:

Component 2011 2012 2013 2014 2015 2016policy weightings weightings weightings weightings weightings weightings(2)

CEO(1) RPSUs 25% 33% 40% 50% 50% 50%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

RSUs 40% 33% 40% 30% 30% 30%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Options 35% 33% 20% 20% 20% 20%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other NEOs RPSUs 25% 30% 33% 40% 50% 50%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

RSUs 40% 40% 33% 40% 30% 30%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Options 35% 30% 33% 20% 20% 20%

1. In 2012, the weightings applied to the CEO were also applied to the CFO and the President and COO.

2. In 2016, Mr. Lauren Roberts was not a member of the Senior Leadership Team, and his equity award weightings reflected his prior role as Senior Vice-President, Corporate Development, as follows:50% RSUs, 35% RPSUs and 15% Options.

In 2009, Kinross implemented an automatic securities disposition plan (ASDP) to provide an opportunity for certain of its seniorexecutives to sell a portion of the common shares issued on vesting of RSUs at times when they might otherwise be unable todo so due to restrictions under Canadian securities laws or trading blackouts imposed under Kinross’ insider trading policy.

Executives make an election to participate in the ASDP and may participate only if they meet Kinross’ minimum shareownership requirements (see page 51). The ASDP enables participating executives to automatically sell up to 25% of thecommon shares issuable to them following vesting of their RSUs. These common shares are sold by an independent securitiesbroker following a pre-determined quarterly sales schedule. There are certain restrictions on an executive’s ability to modify orterminate their participation in the plan.

In 2016, no senior executives participated in the ASDP.



Restricted share units

RSUs are granted under the Kinross Restricted Share Plan. In determining the value of grants for the NEOs, the humanresource and compensation committee considers previous grants (i.e., existing holdings and outstanding awards). The numberof units granted to an eligible employee is determined by dividing the dollar value of the grant by the closing share price onthe last trading day immediately preceding the date of grant. Each RSU is exercisable for one common share, withoutadditional consideration, after the expiry of a restricted period established at the time of grant. Holders also have the option offorfeiting shares otherwise receivable in exchange for the company paying taxes on the holder’s behalf.

Key terms under the Restricted Share Plan that apply to all grants of RSUs (as well as all grants of RPSUs, which are alsogranted under this plan) include the following:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Eligibility Eligible individuals include employees of the company and designated affiliates and individuals who provide consulting, technical,management or other services to Kinross or a designated affiliate and who spend or will devote a significant amount of time orattention to Kinross pursuant to a contract with such individuals or the individual’s employer. Non-employee directors are not eligibleto participate in this plan.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Restricted period At least one-third of the RSUs in a particular grant are restricted until the first anniversary of the grant, one-third until the secondanniversary of the grant and one-third until the third anniversary of the grant.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deferred payment date Canadian participants may elect to determine a deferred payment date; however they must give the company at least 60 dayswritten notice before the restricted period expires. If a Canadian participant chooses to change a deferred payment date, writtennotice must be given to the company not later than 60 days before the deferred payment date to be changed.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Assignment RSUs are not assignable.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Retirement or termination During the restricted period: Any RSUs including RPSUs will automatically terminate, unless otherwise determined by the humanresource and compensation committee. The human resource and compensation committee may exercise discretion to abbreviate therestricted period due to a participant’s termination of employment. However such discretion can be applied to no more than 10% ofcommon shares authorized for issuance under the Restricted Share Plan, the Share Purchase Plan and the Share Option Plan.After the restricted period and before any deferred payment date: Kinross will immediately issue the common shares issuable onthe vesting of RSUs to the participant.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Death or disability In the event of death or total disability, any RSUs and target RPSUs held by the deceased or disabled participant will immediatelyvest.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Change of control All RSUs outstanding and target RPSUs will be immediately settled in common shares, notwithstanding the restricted period or anydeferred payment date.Change of control includes, among other things:

• a merger transaction with another entity as a result of which less than 50% of the outstanding common shares of the successorcorporation would be held by the shareholders;

• a sale of assets of the company that have an aggregate book value of more than 30% of the book value of the assets of thecompany; or

• the acquisition by any person, entity or group of persons or entities acting jointly, resulting in any such person(s) or entity(ies)becoming a control person of the company.

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Dividends When normal cash dividends are paid to holders of common shares, participants holding RSUs (including RPSUs) subject to arestricted period will be credited with dividend equivalents in the form of additional RSUs. The number of such additional RSUs willbe calculated by:

• multiplying the amount of the dividend declared and paid per common share by the number of RSUs recorded in the participant’saccount on the record date for the dividend payment, and

• dividing by the closing price of the common shares on the TSX on dividend payment date.

RSUs credited to a participant’s account as dividend equivalents will be subject to the same restricted period as the RSUs to whichthey relate.

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Number of shares under the plan The number of shares which may be issued under the Restricted Share Plan in the aggregate and in respect of any fiscal year islimited under the terms of the Restricted Share Plan and cannot be increased without shareholder and regulatory approval.

RSUs which terminate prior to the lapse of the restricted period or are settled in cash do not reduce the number of shares which maybe issued under the Restricted Share Plan.



For information on amendments which can be made to the plan, please see the ‘‘Additional equity compensation planinformation’’ section beginning on page 87 and the ‘‘Plan amendments’’ section beginning on page 88.

Restricted performance share units

Beginning with the equity grant for 2008 (granted in February 2009), Kinross introduced RPSUs, which are RSUs with aperformance element. In determining the value of grants for the NEOs, the human resource and compensation committeeconsiders previous grants (i.e., existing holdings and outstanding awards). The number of units granted to an eligibleemployee is determined by dividing the dollar value of the grant by the unit value determined using a ‘‘Monte Carlo’’ modelfor the relative total shareholder return portion of the RPSUs and the closing share price on the last trading day immediatelypreceding the date of grant for the other performance measures.

RPSUs are granted under the Restricted Share Plan, and are subject to all the key terms under the Restricted Share Planoutlined above, including treatment on termination, death or disability, and change of control. As with all grants under therestricted share plan, the grant of RPSUs is accompanied by a restricted share agreement which outlines the specific termsassociated with that grant. The agreement associated with RPSUs generally includes the following additional terms:

• the restricted period for RPSUs is three years (no RPSUs vest until the third anniversary of the grant); and

• RPSU vesting is subject to company performance relative to established performance measures during the threeassociated calendar years.

The performance measures associated with the RPSU grant are reviewed each year by the human resource and compensationcommittee and adjustments are made from time to time to align with company strategy. The following table outlines themeasures and percent vesting for all grants from 2009 to 2016.


All-in sustaining cost per gold ounce sold is a non-GAAP measure and may not be comparable to measures used by other companies. Management uses this measure internally and believes that itprovides a better understanding of the cost of sustaining gold production. For further details see Kinross’ Management’s Discussion and Analysis for the year ended December 31, 2016.

To date, six grants of RPSUs have vested, with vesting levels ranging from 37% to 82%. The actual number of RPSUs vested in February 2017 is calculated as follows:


Compensation year 2008 2009 2010 2011 2012 2013 2014 2015 2016

Performance measure Measurement period Weighting

Relative total shareholder return Three calendar years 50% 50% 40% 40% 50% 50% 50% 50% 50%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Production Annual, average of the multiplier 25% 25% 20% 20% 25% 25% 25% 25% 25%realized in each of the three years

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

All-in sustaining cost per gold Annual, average of the multiplier 25% 25% 25% 25% 25%ounce sold(1) realized in each of the three years

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Production cost of sales per gold Annual, average of the multiplier 25% 25% 20% 20%equivalent ounce realized in each of the three years

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Gold reserves Annual, average of the multiplier 20% 20%realized in each of the three years

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total 100% 100% 100% 100% 100% 100% 100% 100% 100%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Percent of units granted that vested (year of vesting) (2) 37% 45% 58% 70% 67% 82% TBD TBD TBD(2012) (2013) (2014) (2015) (2016) (2017) (Vest in 2018) (Vest in 2019) (Vest in 2020)

1.

2.

Measurement period Weighting Vesting level

Relative total shareholder return Three calendar years 50% 50%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Production Annual, average of the multiplier realized in each of the three years 25% 125%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

All-in sustaining cost per gold ounce sold Annual, average of the multiplier realized in each of the three years 25% 101%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Weighted average 82%

The number of RPSUs that vest based on company performance relative to each of the measures is determined based on avesting schedule established for each grant. The RPSUs included in 2016 compensation and granted in February 2017 will vestbased on the schedule below. The 2017 vesting schedules for production and all-in sustaining cost per ounce will also apply tothe 2015 and 2014 grants. Production and all-in sustaining cost per gold ounce sold targets and vesting schedules for theremaining years of the 2016 grant will be established by the human resource and compensation committee (HRCC) early in theapplicable calendar year.


Up to 200% based on HRCC discretion to recognize outstanding performance.

New comparator companies included for RPSUs granted in and after 2015.



Performance over three-year Details Percent of units that will vestvesting period

Maximum Target Threshold150%(1) 100% 0%

Relative total shareholder return Total Shareholder Return performance over the three 1st to 3rd rank 6th or 7th 12th to 14th(RTSR) ranking calendar years ranked against the performance peer group, and positive

as follows: Agnico-Eagle; Anglogold Ashanti(2); Barrick; absolute TSREldorado(2); Gold Fields(2); Goldcorp; IAMGOLD(2);New Gold(2); Newcrest(2); Newmont; Randgold(2); Yamana;S&P TSX Gold Index Performance of each peer company isassessed on the applicable U.S. stock exchange. The TSR foreach company (including Kinross) and the index will becalculated for the three year period, and Kinross’ rankingwithin that group is determined (i.e. 1st, 2nd etc.). TheHRCC has discretion to adjust the RTSR measure in theevent of a material change in the companies included inthe peer group during the three year time frame.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Production Target is to meet production guidance for each calendar +5.8%, and Midpoint of –15.4%(2017 range) year. Multipliers are set annually by the HRCC based on still within guidance

the target production level for the year. Production will be guidance onadjusted from the figure disclosed in the financial All-in sustainingstatements for variances in the ratio of gold to silver price costwhich is used to convert silver production to goldequivalent ounces.

HRCC has discretion to adjust the production measure inthe event of extraordinary circumstances.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

All-in sustaining cost per ounce(3) Target is to meet all-in sustaining cost per ounce targets set –10.3% Midpoint of +20.5%(2017 range) for each calendar year. The calculation of all-in sustaining guidance

cost for RPSUs is consistent with the figure publiclydisclosed in 2014 as part of Kinross’ annual guidance(except for adjustments noted below), and is calculatedfrom: by-product cost plus G&A (excluding severance),Business Development, Other Operating Costs (not relatedto growth), Exploration Expense (excl. offsite exploration),sustaining capital and other capital (interest andexploration). Multipliers are set annually by the HRCCbased on the target level for the year.

All-in sustaining cost per ounce will be adjusted from thefigure disclosed in the financial statements for variancesrelative to budget to the following material assumptions:gold price; oil price, inflation and foreign exchange.

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1.

2.

3.



The actual number of RPSUs to vest is calculated as follows:

• Company performance relative to each measure is determined once at the end of three years for relative total shareholderreturn, but annually for the other measures (as outlined above).

• Performance is then compared to the targets and ranges to determine the percent of RPSUs granted which will vest(the multiplier) relative to each measure. For relative total shareholder return, this is done at the end of the three yearperiod by comparing Kinross’ total shareholder return to the returns of the performance peer group. For the annualmeasures (production and all-in sustaining cost per gold ounce), actual performance is compared to the targets andranges each calendar year to determine the percent of RPSUs which would have vested for that year, and then thethree-year average vesting percent is determined at the end of the three years, becoming the multiplier for that measure.

• A weighted average of the multipliers for each of the measures applicable to that grant determines the overall percent tovest. Performance relative to targets, along with the resulting multipliers and weighted average, are reviewed andapproved by the human resource and compensation committee. The final weighted average percentage is thenmultiplied by the number of units granted to establish the number of RPSUs that will vest.

The human resource and compensation committee has discretion to adjust performance measures in the event ofextraordinary circumstances, and retains the right to modify the performance measures for future grants. No discretion wasexercised relating to these performance measures in 2016.



Stock options

Stock options are granted under the Share Option Plan. In determining the value of grants for the NEOs, the human resourceand compensation committee considers previous grants (i.e., existing holdings and outstanding awards). The number ofoptions to be granted to an eligible executive is determined by dividing the dollar value of the grant by the Black-Scholesvalue based on the closing share price on the last trading day immediately preceding the date of grant.

The following are some key terms under the Share Option Plan which apply to all grants of options:

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Eligibility Eligible individuals include employees of the company and designated affiliates and individuals whoprovide consulting, technical, management or other services to Kinross or a designated affiliate and whospend or will devote a significant amount of time or attention to Kinross pursuant to a contract with suchindividuals or the individual’s employer. Non-employee directors are not eligible to participate in this plan.

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Vesting Options become exercisable in thirds: one-third on the first anniversary of the grant, one-third on thesecond anniversary of the grant and one-third on the third anniversary of the grant. The human resourceand compensation committee reserves the right to determine when the participant’s options becomeexercisable within the term of the option.

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Expiry Options expire after seven years (five years for options granted prior to February 16, 2011). However, foroptions which are scheduled to expire during a corporate trading blackout period applicable to theparticular option holder, the term of the option will not expire until the 10th business day following theexpiry of the blackout period applicable to the particular option holder.

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Exercise price The exercise price for each common share is determined by the human resource and compensationcommittee at the time of grant, but is not less than the closing price of the common shares of thecompany listed on the TSX on the trading day preceding the day on which the option is granted.

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Assignment Options are not assignable.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Retirement or termination Options already exercisable: Generally these options must be exercised within 60 days, subject to humanresource and compensation committee discretion, as noted below.

Options not yet exercisable: Generally any options will be automatically terminated, subject to humanresource and compensation committee discretion, as noted below.

The human resource and compensation committee reserves the right to determine the extent to which anyoptions may be exercised or cease to be exercisable. The maximum number of options whose exercisabilitymay be accelerated at the discretion of the human resource and compensation committee in connectionwith the termination of employment of a participant is limited to no more than 10% of the common sharesauthorized for issuance under the Share Option Plan, Share Purchase Plan and Restricted Share Plan.

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Death Any option held by the deceased at the date of death will become immediately exercisable, in whole or inpart, by the deceased’s estate for a period ending on the earlier of the expiration of 12 months and theexpiration of the option period.

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Change of control All outstanding options vest and become exercisable immediately. Change of control includes, amongother things:

• a merger transaction with another entity as a result of which less than 50% of the outstandingcommon shares of the successor corporation would be held by the shareholders;

• a sale of assets of the company that have an aggregate book value of more than 30% of the bookvalue of the assets of the company; or

• the acquisition by any person, entity or group of persons or entities acting jointly resulting in any suchperson(s) or entity(ies) becoming a control person of the company.

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Number of options under the plan The number of options which may be issued under the Share Option Plan in the aggregate and in respectof any fiscal year is limited under the terms of the Share Option Plan and cannot be increased withoutshareholder and regulatory approval.

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For information on amendments which can be made to the plan, please see the ‘‘Additional equity compensation planinformation’’ section beginning on page 87 and the ‘‘Plan amendments’’ section beginning on page 88.



Employee benefits and perquisites

Benefits and perquisites

Kinross provides all of its Canadian employees, including the NEOs, with a competitive benefits program including: medicaland dental insurance for employees and their dependents; life, accidental death & dismemberment, and critical illnesscoverage; and income protection in case of disability. Employees can elect to purchase additional life and accidental deathcoverage at a reduced rate by paying additional premiums.

In addition to the benefits available to all Canadian employees, in 2016 members of the senior leadership team (all NEOsexcept Mr. Roberts) received the following benefits: additional life, accidental death, long-term disability and critical illnessinsurance; home security services (tax paid by the company); and a car allowance (CEO only). All NEO’s also participated in thebenefit reimbursement plan, which provides for reimbursement of certain eligible expenses up to an annual maximum basedon executive level, and is taxable to the executive. Where an executive is relocated on hire or promotion, he or she may alsoreceive benefits which are greater than those generally available to other employees. The company covers the taxesassociated with relocation benefits provided to employees at all levels.

These benefits and perquisites are comparable to those offered by companies in the comparator group, are taxable to theexecutive where required under applicable tax laws (subject to tax gross-ups in certain circumstances), and cease beingprovided to the executive upon termination, retirement or death (see ‘‘Incremental payments on termination, retirement anddeath’’ on page 93 for further details).



Employee share purchase plan

Under Kinross’ employee share purchase plan (ESPP), employees, including NEOs who elect to participate, may contribute upto 10% of their annual base salary to the plan, with Kinross matching up to 50% of the employee contributions. At the end ofeach quarter, common shares are purchased or issued to the employee with a value equal to the total of the employee andcompany contributions.

The following are some key terms under the share purchase plan which apply to all shares purchased or issued under this plan:

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Eligibility Full-time and part-time employees, including officers, whether Directors or not, of the company or anydesignated affiliate.

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Purchase price Newly-issued treasury shares: The purchase price is the weighted average closing price for the twenty(20) consecutive trading days prior to the end of the quarter.

Shares purchased on the open market: The average price paid for all shares purchased.

Trading prices are the prices of the company common shares on the TSX for participants employed by aCanadian entity, or on the NYSE for participants not employed by a Canadian entity.

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Holding period All shares acquired by participants under the plan are subject to a six month holding period.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Contribution changes Employees can reduce, increase or suspend their contributions, with changes effective as of the beginningof the first calendar quarter following 60-days’ notice. Employees may not make a change more than oncewithin any six (6) month period.

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Assignment ESPP shares are not assignable.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Termination Contributions which have not been used to purchase shares: Employee contributions are returned to theemployee, and company matching contributions returned to the company.

Shares subject to the holding period: These shares are released to the employee after the expiry of theholding period.

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Death, disability or retirement In the event of death, total disability or retirement, ESPP shares will be distributed to the employee or theestate immediately.

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Change of control All shares subject to the holding period will be immediately deliverable to the participant. Employeecontributions already withheld will be matched, with shares issued for the aggregate contribution.Change of control includes, among other things:

• a merger transaction with another entity as a result of which less than 50% of the outstandingcommon shares of the successor corporation would be held by the shareholders;

• a sale of assets of the company that have an aggregate book value of more than 30% of the bookvalue of the assets of the company; or

• the acquisition by any person, entity or group of persons or entities acting jointly resulting in any suchperson(s) or entity(ies) becoming a control person of the company.

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Number of shares under the plan The number of shares which may be issued under the ESPP in the aggregate and in respect of any fiscalyear is limited under the terms of the ESPP and cannot be increased without shareholder and regulatoryapproval.

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For further information on amendments which can be made to the plan, and which require shareholder approval, please seethe ‘‘Additional equity compensation plan information’’ section beginning on page 87 and the ‘‘Plan amendments’’ sectionbeginning on page 88.



Retirement allowance

Executive retirement allowance plan

As part of its competitive total compensation package to attract and retain executives, and to assist executives in planning forretirement, Kinross provides an executive retirement allowance plan (ERAP ) for the senior leadership team. The benefitsavailable to the senior executives under this plan are comparable to those offered by companies in the comparator group.Each of the NEOs except Mr. Roberts participated in this plan in 2016 in lieu of any other retirement plan; participants in thisplan are not eligible to participate under any other Kinross-sponsored retirement plan. As Mr. Roberts was not a member ofthe senior leadership team in 2016, he was not eligible to participate in ERAP. He also did not meet the requirements toparticipate in the Canadian retirement plan, and therefore received a cash payment in lieu (as noted in the Summarycompensation table). In 2017, he will participate in ERAP.

The following sets out the terms of the executive retirement allowance plan:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Company contributions 15% of base salary and short-term incentive target bonus, allocated quarterly, beginning on theexecutive’s hire date, and continuing throughout the executive’s employment, including during anyseverance period following a change of control. Following 60 months of continuous service or ERAPmembership, the executive receives an additional 3% of base salary and short-term incentive target bonusallocated quarterly.

As security for all members of the ERAP, the company pays for the cost of an annual letter of credit in theamount of the total accrued benefits under the plan.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Employee contributions None – the company covers all contributions and costs.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest Interest is calculated and compounded on a monthly basis on the allocations to the ERAP using a rateequal to the average annual yield for Government of Canada bonds on the last day of the prior quarter.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Vesting For executives who were members prior to May 1, 2016, benefits accrued in a month vest at the end ofthat month except for the additional 3% contribution which vests at a rate of 50% per month. For newexecutives who become members after May 1, 2016, all benefits vest at a rate of 50% at the end of eachmonth. Following 96 months of continuous service as a member, benefits for all members are 100%vested, and vest in full at the end of the month in which they are accrued.

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Benefit on termination The accrued allocation and accumulated interest are paid out to the executive following the termination ofhis or her employment, including any eligible severance period. The executive may elect (prior totermination) to receive this amount as either a lump sum payable in one or two installments, or inconsecutive monthly payments over a period of up to 18 months following his or her termination date.Interest continues to be added to the outstanding balance during any such payment period.

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Benefit on death (before termination or The accrued allocation and accumulated interest are paid out as a lump sum to the named beneficiary ofretirement) the executive, or to the estate.

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17MAR201717522292


2016 Results

Assessing 2016 company performance

Setting appropriate company performance measures is a critical first step in achieving the objectives of our compensationprograms. These performance measures:

• help align executive interests with Kinross’ long-term strategy and the interests of shareholders,

• reinforce Kinross’ operating performance and execution of strategic objectives, and

• support pay for performance alignment in a way that is transparent and understood by all stakeholders.

This requires that we thoughtfully establish measures which reflect the key decisions executives make to deliver long-termvalue, and measure items within the control of our executives.

The following summarizes our approach to establishing these measures:

Kinross Way ForwardOur four “Principles for Building Value” are unchanged from year to year and guidebusiness planning:

• Operational excellence

• Quality over quantity

• Disciplined capital allocation

• Balance sheet strength

1

Four Point PlanEach year we establish a Four Point Plan whichoutlines the key priorities for the organization forthat calendar year, providing alignment and focusacross the organization. It contains the sameprimary elements from year to year: • ESG (health, safety & environment, community relations and people)

• financial and operational metrics (production, cost, cash flow, capital management), and

• building for the future (exploration, delivering capital projects, building future cash flow)

2

SLT measuresBeginning in 2014, we also established a short listof key metrics to measure company performancefor the CEO and his direct reports (the SeniorLeadership Team, or SLT)

• The SLT measures focus on key elements required to deliver long term shareholder value, aligned to the Kinross Way Forward and the Four Point Plan for the year

• They include Relative TSR as a measure, along with measures for corporate responsibility, operational and financial performance, balance sheet and future-oriented measures (exploration and capital projects)

3



As shown above, our SLT members are measured against a short list of key metrics which are aligned to the Four Point Plan,but are intended to reflect the critical role of these executives in directing and making strategic decisions for the companywithout undue risk-taking and aligning to the long-term interests of shareholders. In developing these metrics, we firstidentified the key elements of our strategy – the key areas the executives must manage each year – and then determined anappropriate metric(s) to measure company success in each area. These strategic areas and the metrics identified to measureeach are shown below:

Key strategic area Metric

Corporate responsibility Corporate responsibility performance metric: incorporates leading and lagging measures for healthand safety, environment, and community relations

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Operational and financial performance Delivering against guidance: measures how well we deliver on our commitments to the marketagainst the key publicly reported operational and financial metrics: production, all-in sustaining cost,and capital

Total cost: supports a continued focus on managing our costs, which is critical to maintainingprofitable operations in a volatile gold price environment

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Balance sheet Net Debt / EBITDA: measures our ability to repay debt, further access debt markets, and stay withinour existing covenants

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Shareholder returns Relative total shareholder returns: measured over a one year period, compared to our performancepeer group

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Building for the future Deliver targeted growth initiatives: an assessment of performance on eight key initiatives that arecritical for advancing the company’s organic growth agenda and continuing to position the companywell for the future

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It is expected that the strategic areas considered in the measures will remain relatively constant from year to year (subject to asignificant change in strategy), however the metrics used to measure them may vary, and are aligned to the priorities anddeliverables for each calendar year. For example, the metric for ‘‘Building for the future’’ is adjusted each year to align to thecritical priorities in that year relating to delivering capital projects, exploration and other similar matters. In 2016, we added thecost measure to assess ‘‘Operational and financial performance’’ to reinforce the importance of managing costs through thegold price cycle.

In addition to assessing company performance against these objectives, the board also considers the company’s performancerelative to our gold mining competitors. The assessment of company performance is not solely a formulaic process andjudgment is exercised in determining the final multiplier.

Gold mining is a capital intensive business with long business cycles, therefore decisions made by executives in one year mayimpact future years. While our short-term incentive plan rewards executives based on performance in that year, the heavierweighting on the long-term incentives is intended to encourage executives to focus on making decisions that are in thelong-term best interests of the company. Longer term company performance is measured in our restricted performance shareunit plan, and through the share price as reflected in the realized value of the equity executives receive.

2016 SLT measures

The following are the targets established for each of the SLT measures for 2016, along with performance results achieved, andthe rating approved for that measure. A comparison of 2016 targets to 2015 targets shows that we have continued to ‘raise thebar’ on these measures, setting more challenging targets for ourselves in 2016 than in 2015. Performance on each measure,and for the final company multiplier, can range from 0% to 150%, and the company multiplier determines 60% of theshort-term incentive payment for SLT members.



Sustaining capital is a non-GAAP measure.

EBITDA is a non-GAAP measure and may not be comparable to measures used by other companies. EBITDA is calculated as operating earnings less depreciation, impairment and certain other itemsexcluded from adjusted earnings and certain non-cash charges.


Measure Weighting Target Actual performance Rating

Corporate responsibility 20% Points out of 100: 91 points 100%performance metric • Threshold: 65 points

• Target: 80 points

• Maximum: 97 points. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Delivering against guidance 15% Performance against initial guidance on production (2.7-2.9 million Within initial guidance range on 100%ounces), all-in sustaining cost(1) or AISC ($890-990 per ounce), and production and cost, and wellsustaining capital(2) ($430M): under on sustaining capital

• Threshold: both production and AISC marginally miss guidance;sustaining capital over

• Target: both production & AISC are within guidance; sustainingcapital in line or under

• Maximum: strongly beat guidance on both production & AISC,sustaining capital spend in line with or under guidance

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total cost 15% Effectively managing costs (production cost before allocations, other 2.7% under budget 110%operating cost and overhead):

• Threshold: 2% over budget

• Target: on budget

• Maximum: 4% under budget. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net debt / EBITDA 10% Ratio of Net Debt to EBITDA(3): Net Debt / EBITDA 0.8 115%

• Threshold: 2.5

• Target: 1.6

• Maximum: 1.0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Relative total shareholder returns 25% Relative ranking vs. performance peer group of 12 gold companies: Ranked 4th out of 13 115%(TSR ) • Threshold: 10th rank

• Target: 6th rank

• Maximum: 1st rank, positive absolute TSR

TSR was measured from December 31, 2015 to December 31, 2016,using the 20-day average share price at the start and end of theperformance period

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Deliver targeted growth 15% An assessment of performance against eight weighted key organic Achieved 75% 105%initiatives growth initiatives, with highest weighted items being: (a) delivering Included:

additional ounces at Bald Mountain (max performance = 20%); • On target performance in(b) adding ounces through exploration (max performance = 20%); and adding ounces at Bald(c) Advancing Tasiast expansion project Phase One (max performance = Mountain and through15%): exploration• Threshold: 40% • Maximum performance on• Target: 70% Tasiast expansion project, and

in achieving additional ounces• Maximum: 100%through Round MountainProcess Solution Management,and Paracatu Tailings

Total 100% 107%

1.

2.

3.



In 2016, the company continued to deliver on all fronts:

• excellent results on safety, the environment and community relations: 97% of workforce from host countries, zeroreportable spills, more than $2 billion spent in countries where we operate through local purchasing, taxes and wages

• strong operational and financial performance, meeting or outperforming guidance on production and costs for the fifthconsecutive year

• continued balance sheet strength with year end cash and cash equivalent of approximately $827 million andapproximately $2.3 billion in total liquidity, giving the company the financial flexibility to fund our organic developmentprojects

• excellent one-year total shareholder returns of more than 70%, ranking fourth among the 13 companies (including Kinross)in our performance peer group

• strong performance on key initiatives to prepare for the future, including:

• completing the acquisition and integration of Bald Mountain and the remaining 50% of Round Mountain;

• doubling the proven and probable mineral reserve estimate at Bald Mountain;

• launching the Tasiast Phase One construction and the Phase Two feasibility study; and

• commencing the Round Mountain Phase W feasibility study.

The human resource and compensation committee thus assigned the positive ratings against the performance measures asshown above to reflect this strong performance. Overall, the committee felt that a company multiplier of 107% appropriatelyreflected the year.

Prior year performance assessments were as follows:

Year Company performancemultiplier

2012 100%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2013 110%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2014 95%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2015 100%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2016 107%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

It should be noted that as Mr. Roberts was not a member of the SLT in 2016, the company rating used in his STI calculation –while the same as for the other NEOs at 107% – was determined based on Four Point Plan performance and was weighted50% of his STI.

2016 compensation

In determining 2016 compensation, the human resource and compensation committee considered company performance asoutlined above, as well as individual performance, the company’s target of median position relative to external benchmarks,individual roles and responsibilities, internal equity, and other factors:

• Short-term incentives were calculated as per the formula, using the company performance multiplier of 107%, and theindividual performance multipliers outlined below (see ‘‘Individual performance – Named executive officers’’ beginningon page 76).

• Long-term incentives, in the form of equity, make up 50% or more of the total direct compensation awarded to seniorleadership team members. The committee recognizes the importance of equity in aligning the interests of executives withthose of shareholders, as an important incentive for future performance, and for retention. We believe this is particularlyimportant in the mining industry, where decisions executives make in one year can affect the company and shareholderreturns for a number of subsequent years. The value of the long-term incentives awarded to executives as part of their2016 compensation also reflected 2016 performance, and was intended to provide a total package which reflectedrelative company performance.


17MAR201717522020


Share performance and NEO compensation

One of the principles of our executive compensation program is to align executive interests with Kinross’ long-term strategyand those of shareholders. We accomplish this in a number of ways:

• When granting equity to our executives, we do so in the form of shares (not cash-settled equity).

• We require executives to hold shares with our share ownership guidelines.

• We include shareholder returns as a metric in our short-term incentive plan, such that twenty-five percent of ourexecutives’ short-term incentives is determined based on our relative total shareholder returns.

• The size of equity grants reported in the Summary compensation table considers shareholder returns.

• More importantly, the final value of the equity realized by an executive is directly related to share price performance.When the share price drops between the time of grant and date the equity vests, the value vesting reflects the lower shareprice, and can be significantly lower than the value granted and reported in the Summary compensation table.

• Fifty percent of vesting on RPSUs is determined by relative total shareholder returns. For RPSUs which vested from 2012through 2016, this resulted in the forfeiting of all shares associated with this measure due to weak performance, thusfurther aligning the experience of our executives to that of shareholders.

The following performance graph shows the cumulative total shareholder return over the five-year period endedDecember 31, 2016 for common shares (assuming reinvestment of dividends) compared to the S&P/TSX Composite Index andthe S&P/TSX Global Gold Index. The graph and the table below show what a $100 investment made in common shares, theS&P/TSX Composite Index or S&P/TSX Global Gold Index at the end of 2011 would be worth every year and at the end of thefive-year period following the initial investment.

Cumulative total shareholder return

0

20

40

60

80

100

120

140

160

Kinross Gold Corp

S&P/TSX Composite Index

S&P/TSX Global Gold Index

2011 2012 2013 2014 2015 2016

2011 2012 2013 2014 2015 2016

Kinross Gold Corp 100 84.37 41.02 28.76 22.14 36.96. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

S&P/TSX Composite Index 100 107.18 121.10 133.87 122.72 148.59. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

S&P/TSX Global Gold Index 100 86.12 48.25 43.11 37.49 55.40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



Total shareholder returns for Kinross have declined from 2011 through 2016, heavily influenced by the gold price. Thus, returnson gold equities generally have also declined from 2011 through 2016 as indicated by the S&P/TSX Global Gold Indexperformance which is largely aligned with Kinross’ performance over this period. Kinross underperformed the gold indexbetween 2012 and 2015, however outperformed the index in 2016.

From 2011 to 2016, NEO compensation was determined based primarily on company operational performance, whichincludes the items within the control of management. Total compensation for all NEOs was also affected by changes in seniorleadership personnel. Total shareholder returns reflect many factors which are outside the control of management – such ascommodity prices, perception of geopolitical risk, and broader market factors as well as company performance andmanagement decisions. The human resource and compensation committee strives to balance operational performance,financial results, and market outcomes (such as total shareholder returns) when determining NEO compensation. In addition,the committee may also exercise discretion to reflect extraordinary events, prevailing circumstances and market conditions.

The following are some of the ways in which compensation was aligned to total shareholder returns during this period:

• 2012 – In 2012, the share price decreased, and there were significant changes made to the executive team, including theappointment of our current CEO. Total NEO compensation (excluding one-time payments) decreased 23% in that year.

• 2013 – Kinross’ operational performance in 2013 was excellent. However, this year also saw a significant drop in the priceof gold and all major gold companies, including Kinross, saw a significant reduction in total shareholder returns. As aresult, the company performance multiplier was reduced from a calculated result of 118% to 110% to reflect the lowreturns. Total NEO compensation was up from 2012, which reflected full years in new roles for a number of executives andthe strong operational performance offset by the share price performance.

• 2013-16 – 2013 was the first full year of the new executive team led by our current CEO, J. Paul Rollinson, and thusforms a good year for comparison to current compensation. Shareholder returns decreased from 2013 through 2015, andboth CEO and aggregate NEO total compensation likewise decreased relative to the prior year in each of 2014 and 2015.In 2016 shareholder returns increased, as did CEO total compensation, while NEO total compensation decreased, in partdue to changes in incumbents. In fact, NEO total compensation decreased 22% from 2013 through 2016, and 2016 CEOtotal compensation is 8% lower than 2013.

As the summary above shows, the human resource and compensation committee has made a number of reductions inexecutive compensation to recognize share price performance and the impact that this has on shareholders. However, thecommittee believes that the strongest alignment between total shareholder returns and executive compensation is seen in thevalue of equity realized by executives over time. As the share price has fallen, not only has the compensation awardeddecreased, but the value of the equity held by executives has been substantially reduced from the value reported in theSummary compensation table at time of grant. The following chart shows the values granted to our NEOs over the past fiveyears, compared to the values realized (vested and/or exercised) and/or realizable (value at December 31, 2016 for equitywhich has not vested and/or been exercised). Over that period, these executives realized only 18% of the value of the equitygranted, with the potential (as at December 31, 2016) to realize 65% of the value reported in the Summary compensationtable. As at that date, they have lost a combined total of over CAD $14 million in equity value:


17MAR201719052425

The compensation year is the year for which the LTI was granted and included in the Summary compensation table. 2015 equity was granted in February 2016 with regard to 2015, and included in2015 compensation.

Value granted is the fair market value at time of grant, as would have been reported in the Summary compensation table for that compensation year.

Value vested and exercised is the total value realized when the RSUs/RPSUs granted in that year vested, based on the share price at date of vest (taxable compensation value), plus the value ofoptions granted in that year which were later exercised (market value at point of exercise less the exercise price paid).

Remaining value realizable is the total of all RSUs/RPSUs granted in that year which have not yet vested, valued using the share price at December 31, 2016, plus the value of options granted in thatyear which have not yet been exercised (market value at December 31, 2016 less the exercise price).

Value lost is calculated as value granted less total realized & realizable.


Value vested Remaining TotalValue & exercised value realized & Total %

Compensation granted (realized) realizable realizable realized or Value lostyear(1) (CAD$)(2) (CAD$)(3) % realized (CAD$)(4) (CAD$) realizable (CAD$)(5)

2011 4,300,296 1,320,720 31% 0 1,320,720 31% 2,979,576. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2012 8,137,808 2,376,171 29% 0 2,376,171 29% 5,761,638. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2013 9,721,634 1,540,172 16% 3,682,331 5,222,503 54% 4,499,131. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2014 9,478,767 1,565,640 17% 7,924,167 9,489,807 100% –11,040. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2015 9,764,054 571,123 6% 7,976,010 8,547,132 88% 1,216,922

Total 41,402,560 7,373,826 18% 19,582,508 26,956,334 65% 14,446,226

1.

2.

3.

4.

5.

CEO: value of equity realized vs. TSR

Equity Value Granted

Equity Value Realized

Cumulative TSR

Annual TSR

2011 2012 2013 2014 2015 2016

CAD$

milli

ons

0.0

1.0

2.0

3.0

4.0

5.0

6.0

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

Realized pay also shows strong alignment to shareholder returns. The following graph shows how total compensation of theindividual in the CEO role has been impacted by and is aligned with share price performance. The value of equitycompensation on grant date (as reported in the Summary compensation table) and as realized by the executive (at time of vestor exercise), is graphed against cumulative TSR. The equity granted to Mr. Rollinson decreased in 2014 and 2015 inrecognition of falling shareholder returns. Mr. Rollinson’s ‘take home’ pay has been impacted even more significantly by thefalling share price as the value of the realized pay has been significantly lower than the value granted.


Normalized total direct compensation reflects an estimate of full year total direct compensation (base salary, short – and long-term incentives) for all executives, based on their year-end salaries andresponsibilities. In particular, it includes annualized compensation for executives with partial years of employment, or those with mid-year promotions. It excludes one-time payments, such as newhire grants, signing/retention bonuses, etc.

Operating earnings were negative for the year ending December 31, 2015. For the purposes of this table, total compensation is shown as a percentage of operating earnings before impairmentcharges, with the adjustments as follows (expressed in millions of dollars):

The 2015 value is ‘‘n/a’’ as the operating earnings before impairment charges are also negative, as shown above.

Determined by dividing total compensation for NEOs by the operating earnings or total equity as appropriate.

2016 compensation was paid in Canadian dollars and converted to United States dollars for purposes of this table using the exchange rate of CAD $1.00 = USD $0.7448.

Reflects compensation for NEOs as reported in the 2016 management information circular.


The following definitions have been applied in the graph above:

• Equity value granted: Equity incentives valued at the accounting fair market value at time of grant (equals value whichwould have been reported in the Summary compensation table for that year).

• Equity value realized: The total of the value of RSUs/RPSUs which vested in the year shown, based on the share price atdate of vest (taxable compensation value), plus the value of options exercised in that year (market value at point ofexercise less the exercise price paid). Unvested RSUs/RPSUs and unexercised options are excluded.

• Cumulative TSR uses the same cumulative returns as shown on the five-year graph above (for Kinross shares on the TSX).

• Annual TSR assumes the reinvestment of dividends, and reflects Kinross’ total shareholder returns on the TSX for eachcalendar year.

In 2016, normalized total direct compensation (base salary plus short- and long-term incentives) for NEOs decreased by 3%over 2015, while total compensation decreased by 7%. The decrease is primarily as a result of changes in the executives whocomprise the NEOs, and is somewhat offset by a change in exchange rates.

Normalized total directcompensation for Total compensation for Total compensation for

Total compensation continuing NEOs NEOs as a % of operating NEOs as a % of totalfor NEOs (US$) (US$)(1) earnings(2),(3) equity(3)

2016(4) 14,547,300 13,097,706 7.83% 0.35%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2015(5) 15,673,075 13,470,956 n/a 0.40%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Change(2015 to 2016) (1,125,775) (373,250) n/a –0.05%

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.

2.

2016 ($US) 2015 ($US)

Operating earnings (loss) 46.3 (742.9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Add back: impairment 139.6 699.0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Operating earnings before impairment charges 185.9 (43.9)

3.

4.

5.


15MAR201717291236


Individual performance – Named executive officers

J. Paul Rollinson – President and Chief Executive Officer

Mr. Rollinson joined Kinross in September 2008 as the Executive Vice-President, New Investments, andsubsequently assumed the role of Executive Vice-President, Corporate Development. He was promotedto Chief Executive Officer in August 2012, and is now our President and Chief Executive Officer.

The following summarizes Mr. Rollinson’s performance in 2016. Individual performance factors for thePresident and CEO are recommended by the human resource and compensation committee andapproved by the board.

2016 Objectives 2016 Results

Strategy and capital decisions: Continue to refine company strategy in light • Tasiast Phase 1 ‘‘Go’’ decisionof current conditions to deliver long-term value to shareholders. Make • Closed acquisition of Bald Mountain and Round Mountain in Nevadacapital decisions in line with strategy, including:

• Extended maturity dates of term loan and revolving credit facility; no• determining the best path forward on Tasiast; debt maturities before 2020• making decisions on possible acquisitions; • Moving forward on multiple organic opportunities, including Tasiast• determining the best allocation of resources to existing mines and Phase 2, Round Mountain Phase W, La Coipa, September North East and

future projects; Moroshka

• maximizing the value of existing resources. • Maximizing production at various sites, including at Paracatu throughtailings reprocessing, and at Round Mountain through Process SolutionManagement

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

External stakeholders: Effectively manage external stakeholders. Continue • Well received investor tour to Bald Mountain, followed by positiveto enhance perception of company value with investors. Build and analyst commentarymaintain positive relationships with key governments. Specific steps • 205 investor meetings; including 161 which took place during theinclude: 13 investor conferences Kinross attended• engaging with investors regarding company strategy, direction, options

• Attracted a number of new investors in 2016and results;• Maintained strong government relations in all countries in which we• reinforcing key messages in the market;

operate• maintaining and continuing to enhance credibility with investors;

• identifying and seeking out new investors as appropriate;

• maintaining effective working relationships with governments.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Leadership and culture: Successfully lead the company through challenging • Industry-leading safety recordtimes, aligning the organization to current realities and the strategy: • Restructured the SLT to increase focus on technical excellence and• keep senior leadership team (SLT) engaged and aligned despite strengthened operations delivery; successfully transitioned leadership of

challenges; transition responsibilities between SLT members; ensure government relations, corporate responsibility and communicationseffective interactions and team decision-making; • Strengthened SLT succession planning and development process

• demonstrate leadership to the global organization through resulting in 5 significant development moves for senior leaderscommunication of company direction and challenges; • Recognized as one of Canada’s top ‘‘Corporate Citizens’’ by Corporate

• maintain morale, and continue to reinforce Kinross values and culture. Knights

• Participated in industry leadership event with ‘‘Women Who Rock’’ todemonstrate Kinross’ commitment to diversity and inclusion

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Board interaction: Maintain a productive two-way relationship with the • Kinross continues to receive high marks on Board Games, and was theboard, thereby assisting them in carrying out their obligations to highest ranked gold companyshareholders, through: • New board member engaged, Ian Atkinson• transparent communications; • Provided opportunity for board members to visit site at Bald Mountain• engaging the board at appropriate times for decision-making. and understand progress

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


17MAR201717522433

15MAR201717292409


Total direct compensation2016 Performance and Compensation

Individual STI rating 103.5%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

STI payment $1,533,693. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total direct compensation $5,648,714 – just above the median of thecomparator group

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Pay mix 83% at-risk pay (equity + STI); 56% in equity;Equity mix includes 50% RPSUs,

30% RSUs, 20% Options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Options: 11%RPSUs: 17%

RSUs: 28%Base salary: 17%

Short-term incentive: 27%

Tony S. Giardini, Executive Vice-President and Chief Financial Officer

Mr. Giardini joined Kinross in December 2012, as the Executive Vice-President and Chief FinancialOfficer. In October of 2013, Mr. Giardini assumed responsibility for Information Technology (IT).

The following summarizes Mr. Giardini’s performance in 2016 and the resulting compensation decisions,as recommended by the President and CEO and approved by the human resource and compensationcommittee, and the Kinross board of directors.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2016 Objectives Mr. Giardini’s objectives for 2016 included: managing liquidity and financing for the company; managing credit ratingrelationships and maintaining investment grade ratings; overseeing the system for consolidated financial reporting; enhancingoverall company reporting and control processes; providing oversight and leadership on information technology.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2016 Treasury: Financial planning and analysis / Financial ReportingAccomplishments • Obtained a total of $644 million in new liquidity sources • Continued focus on disciplined capital allocation decisions

through equity issuance, surety bonds and letter of credit • Ensured quarterly reporting was of consistently high qualitycapacity

• Fully integrated Bald Mountain• Extended the credit facility and extended the term loan by

IT:one year. Kinross now has a full five-year credit facility andfour year term loan. Also achieved changes to the credit • Fully integrated Bald Mountain IT infrastructure and systemscovenants

Other:• Repaid $250M in senior notes

• Supported Corporate Development activities, from due• Managed the company’s hedging program by monitoring diligence through integration, on tax (including synergies),

global events; hedged 50% of Tasiast fuel needs through financing / liquidity and rating agency assessmentApril 2019

• Developed Kinross Vendor Cost Recovery Program and• Managed rating agency relationships and successfully identified $3.5M in recovery opportunities

obtained a Moody’s Rating outlook revision from Negative toStable, and S&P Rating outlook revision from Stable toPositive

Tax:

• Achieved over $60 million in tax refunds

• Continued to enhance international holding companystructure

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2016 Performance • Individual STI rating: 103.5%Decisions • STI payment: $511,231

• Total direct compensation: about the 75th percentile of the comparator group

• Pay mix: 79% at-risk pay (STI + equity); 56% in equity; equity mix includes 50% RPSUs, 30% RSUs, 20% Options. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


15MAR201717273690


Geoffrey P. Gold, Executive Vice-President, Corporate Development, External Relations andChief Legal Officer

Mr. Gold joined Kinross in May 2006, as Senior Vice-President and Chief Legal Officer. In 2008, he waspromoted to Executive Vice-President and Chief Legal Officer. In the subsequent years, he took onresponsibility for a number of additional portfolios, including human resources (from 2013 through 2015)and corporate office services (from 2013 through 2016), as well as corporate development, security, andglobal lands. In 2016, he assumed the role of Executive Vice-President, Corporate Development,External Relations and Chief Legal Officer, with responsibility for corporate development, governmentand investor relations, communications, security, global lands and legal.

The following summarizes Mr. Gold’s performance in 2016 and the resulting compensation decisions, asrecommended by the President and CEO and approved by the human resource and compensationcommittee, and the Kinross board of directors.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2016 Objectives Mr. Gold’s objectives for 2016 included: providing leadership to legal, corporate development, government relations, investorrelations, and communications; leading and executing various corporate development transactions and/or opportunities;overseeing and implementing various global governance, compliance, and key litigation and regulatory initiatives; overseeing andleading management support on various board and board committee governance initiatives; overseeing the corporate secretarial,office services, global lands and security functional areas.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2016 Corporate Development: External Relations:Accomplishments • Oversaw a number of comprehensive corporate • Oversight and integration of global government relations

development review processes relating to potential M&A and strategy to support various regional government relationsother opportunities initiatives including assisting the West Africa regional team

with a government relations strategy contributing to the• Closed strategic acquisition of Bald Mountain and 50% ofresolution of the Mauritanian expatriate work permit issueRound Mountain minesand Mauritanization (localization) Plan

• Oversaw junior exploration investment portfolio streamlining• Oversaw and led integration of corporate development,and additional strategic investments

investor relations and communications departments and• Supported various transaction and other initiatives led by assisting with enhanced shareholder and media relations

Finance, Exploration and Kinross Technical Services and engagement and related disclosure materials (includingTasiast phased expansion approach)Legal:

• Oversight of refreshed approach on the presentation and• Oversaw legal support for Corporate Development and othercontent of the Management Information Circular and thecommercial transactions (including equity offering,Annual Reportextension of credit facilities, etc.)

• Oversaw various initiatives to enhance corporate governanceincluding a comprehensive review and update of Kinrosscore governance policies, guidelines and board committeecharters, the continued stewardship of the Whistleblowerprogram, and the development of a new employee code ofconduct handbook contributing to enhanced Kinrossrankings in various governance surveys and indexes

• Oversaw and led key regulatory and other litigation matters. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


• Total direct compensation: between median and the 75th percentile of the comparator group



15MAR201717284739


Gina M. Jardine, Senior Vice-President, Human Resources

Ms. Jardine joined Kinross in April 2015 as the Senior Vice-President, Human Resources.

The following summarizes Ms. Jardine’s performance in 2016 and the resulting compensation decisions,as recommended by the President and CEO and approved by the human resource and compensationcommittee, and the Kinross board of directors.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2016 Objectives Ms. Jardine’s objectives for 2016 included: leading the global human resource (HR) function including talent, leadership andreward programs; advancing work to support the HR strategy; serving as the ‘‘cultural ambassador’’ and monitoring employeeengagement; working with the human resource and compensation committee on executive compensation and succession.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2016 • Launched and implemented industry-leading Integrated • Provided oversight and input to global labour negotiationsAccomplishments Talent Management philosophy and process globally, and compensation reviews as required

including alignment of compensation to support these • Completed successful CLA negotiations at Tasiast, and labourchanges agreements in Brazil and Chile

• Enhanced succession planning program for SLT-level roles • Implemented the Mauritanization plan including hiring ofthrough new assessment and development planning new expatriates and advancement of locals; completedprocess, resulting in important developmental moves for significant demobilization and mobilization of expatriatesseveral executives

• Achieved targeted savings from the 2015 overhead cost• Supported the leadership restructure as a result of the reduction exercise of 20% on overhead costs and

departure of the COO, and began the integration of two new organizational efficienciesExecutives onto the Senior Leadership Team

• Successfully transitioned Denver HR work to Toronto,• Continued to provide confidential counsel to the CEO and including U.S. benefits, with no major service issues

SLT members, building greater team effectiveness• Delivered and improved HR service provisions with 42%

• Completed successful integration of Bald Mountain reduction in headcountemployees including achieving target synergies

• Implemented improvements to expat travel policy and• Enhanced employee engagement strategies via the very achieved cost savings

successful Living Our Values Awards program• Represented Kinross at numerous external functions

• Successful executive compensation cycle including positive providing ambassadorship for the Kinross Brandshareholder engagement process, and highest gold miningcompany ranking in 2016 Board Games

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


• Total compensation: between the median and 75th percentile of the comparator group



15MAR201717285987


Lauren M. Roberts, Senior Vice-President, Corporate Development

Mr. Roberts joined Kinross in April 2004 as Operations Manager, Kettle River. He was promoted to therole of Vice-President and General Manager of Kettle River in 2006, and subsequently assumed othermore senior positions leading to the role of Regional Vice-President, Americas. In January 2016, heassumed the role of Senior Vice-President, Corporate Development in our Toronto office. He begantransitioning into the role of Senior Vice-President and Chief Operating Officer in November 2016 andformally assumed the role effective January 1, 2017.

The following summarizes Mr. Robert’s performance in 2016 and the resulting compensation decisions,as recommended by the President and CEO and approved by the human resource and compensationcommittee, and the Kinross board of directors.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2016 Objectives Mr. Roberts’ objectives for 2016 included two parts:

(1) As Senior Vice-President, Corporate Development (January – October 2016): leading due diligence activities in the Americasand globally, working with cross-functional teams to evaluate potential opportunities; participating in mine site visits;providing operational expertise on corporate development efforts; participating in financial advisor meetings; contributing tothe company’s overall strategy with the Corporate Development team; assisting in mentoring more junior members of theteam; participating in certain key business projects and managing business risks in the Americas.

(2) Transitioning with Mr. Morley-Jepson into the role of Senior Vice-President and Chief Operating Officer (November-December 2016).

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2016 As Senior Vice-President, Corporate Development: Transitioning to the role of Senior Vice-President and ChiefAccomplishments Operating Officer:• Completed due diligence work on multiple potential

transactions, as well as exploration deals and Junior Equity • Delivered Q4 according to guidance, and met full year 2016Investments cost and production guidance

• Led the country risk project, assessing the geopolitical risk of • Led the development of the 2017 operations budgeta number of countries around the globe • Worked closely with the newly appointed Chief Technical

• Led and provided direction and technical support on a range Officer to establish the new organization structure and clarifyof strategic projects relating to our existing operations and accountabilityreclamation properties to increase the future value of these • Established an exploration steering committee to plan,assets budget and prioritize the company’s greenfield and

• Served as a member of the Cerro Casale board of directors brownfield exploration activities

• Assisted with the integration of Bald Mountain and • Implemented a project review process to provide additionalmanaging the transition from the predecessor owner strategic oversight and reporting on significant capital

projects

• Achieved greater integration of permitting and projects work

• Represented Kinross as a member of industry associations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2016 Performance • Individual STI rating: 106%Decisions • STI payment: $196,320

• Total direct compensation: below 25th percentile of comparator group for COO but only assumed that role in 2017

• Pay mix: Mr. Roberts’ 2016 compensation was awarded based on his prior role, and with a mix comparable to that of otherexecutives at that level, with 63% at-risk pay (STI + equity); 46% in equity; equity mix includes 35% RPSUs, 50% RSUs, 15%Options

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


As Mr. Roberts was not a member of the Senior Leadership Team in 2016, his STI was calculated using weightings of 50% for company performance and 50% for individual performance, consistentwith others at his level. The value above does not include the retention awards that are included in the total in the Summary compensation table.

Values are in Canadian dollars and were converted to United States dollars for purposes of this table using the exchange rate of CAD $1.00 = USD $0.7448.


Individual performance multipliers for each NEO were determined based on these accomplishments. The following tableoutlines the calculations which resulted in the short-term incentives given to each executive:

2016 actualCompany Individual Total target for Calculated

results � 60% results � 40% performance purposes of 2016 STINamed Executive Officer Title weight(1) + weight(1) = multiplier x calculating STI = ($USD)(2)

J. Paul Rollinson President and CEO 107% 103.5% 106% 150% 1,533,693. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Tony S. Giardini EVP & Chief Financial Officer 107% 103.5% 106% 100% 511,231. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Geoffrey P. Gold EVP, Corporate Development, External 107% 103.5% 106% 140% 748,757Relations & Chief Legal Officer

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Gina M. Jardine SVP, Human Resources 107% 103.5% 106% 75% 280,194. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Lauren M. Roberts SVP, Corporate Development 107% 106.0% 107% 45% 196,320

1.

2.

These short-term incentive payouts were recommended by the human resource and compensation committee and approvedby the board.


Compensation is paid in Canadian dollars and was converted to United States dollars for purposes of this table using the following US$ exchange rates for CAD $1.00: 2016 – 0.7448; 2015 –0.7225; 2014 – 0.8620. In 2014 and 2015, compensation for Mr. Roberts was paid in United States dollars.

Ms. Jardine was appointed Senior Vice-President, Human Resources on April 7, 2015 with an annual base salary of CAD $475,000.

Amounts shown represent restricted share units (RSUs) and restricted performance share units (RPSUs) granted in February of the year following the year shown as part of the annual compensationpackage of each NEO valued at the date of the grant, plus any one-time awards granted during the year. One-time grant values included in the table are: in 2015 for Ms. Jardine $289,000 in RSUsand $289,000 in RPSUs as part of her on hire grant which was a replacement for the LTI she forfeited on coming to Kinross. The grant date fair value in the ‘‘Summary compensation table’’ is thesame as the accounting fair value recorded by the company at the time of grant. For accounting purposes, under International Financial Reporting Standards (IFRS), the fair value is expensed overthe vesting period based on the number of RSUs and RPSUs estimated to vest. The fair value for RSUs is based on the market price of the common shares on the TSX at the market close on the lasttrading day immediately preceding the date of the grant. For RPSU awards granted, in accordance with IFRS and the requirement to fair value the RPSUs, the market and non-market-basedperformance condition components of the RPSUs are separately fair valued to determine the fair value of the RPSUs as a whole. For the market-based condition (relative total shareholder returns),Kinross has utilized a Monte Carlo model because it is considered to be the most appropriate method available to fair value such share-based payment awards with market-based conditions. Thenon-market-based performance condition components are valued in the same manner as the RSUs. Underlying assumptions used in fair valuing the RPSUs and included in NEO compensation areas follows:


Key summary tables

Summary compensation table(1)

The following table provides information for the year ended December 31, 2016 regarding the annual compensation paid toor earned by the company’s CEO, the Chief Financial Officer and the three other most highly compensated executive officerswhose total salary and short-term incentives exceeded $150,000 for the year 2016 (the named executive officers, or NEOs ).

Compensation for the NEOs is paid in Canadian dollars, and reported in the table and associated footnotes in U.S. dollars(except as otherwise noted). Compensation may vary year-over-year based on the change in currency exchange rates.

Name and Non-equity incentive

Principal PositionYear Salary(2) Share-based Option- Annual Long-term Pension All Other Total

Awards(3)(5) based Incentive Incentive Value(7) Compensation(8) Compensation

Awards(4)(5) Plans(6) Plans

(US$) (US$) (US$) (US$) (US$) (US$) (US$) (US$)

J. Paul Rollinson 2016 968,240 2,517,425 629,356 1,533,693 n/a 435,708 212,482 6,296,904. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

President and CEO 2015 939,250 2,242,929 560,732 1,465,230 n/a 514,781 229,212 5,952,135. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2014 1,120,600 3,448,000 862,000 1,428,765 n/a 420,225 239,831 7,519,421

Tony S. Giardini 2016 484,120 1,006,970 251,742 511,231 n/a 145,236 96,107 2,495,406. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Executive Vice-President 2015 469,625 969,306 242,327 469,625 n/a 140,888 95,549 2,387,319. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .and Chief Financial Officer2014 560,300 1,255,072 313,768 554,697 n/a 168,090 124,033 2,975,960

Geoffrey P. Gold 2016 506,464 992,670 248,167 748,757 n/a 227,909 74,420 2,798,387. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Executive Vice-President 2015 491,300 966,878 241,720 729,089 n/a 339,802 76,621 2,845,410. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Corporate Development, External2014 586,160 1,406,784 351,696 815,349 n/a 219,810 94,171 3,473,969Relations and Chief Legal Officer

Gina M. Jardine 2016 353,780 608,502 152,125 280,194 n/a 92,868 57,147 1,544,616. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Senior Vice-President 2015 252,331 1,004,239 251,060 409,793 n/a 60,058 114,994 2,092,475Human Resources

Lauren M. Roberts 2016 409,640 435,243 76,808 382,580 n/a 0 107,717 1,411,987. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Senior Vice-President 2015 479,130 489,021 86,298 312,254 n/a 26,500 25,403 1,418,606. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Corporate Development2014 457,136 426,690 106,673 415,275 n/a 26,000 66,196 1,497,969

1.

2.

3.


Grants made in February 2014 with respect to performance in 2013 which are not included in the ‘‘Summary compensation table’’ were valued as follows: Mr. Rollinson $4,143,649, Mr. Giardini$1,087,498, Mr. Gold $1,176,879, and Mr. Roberts $394,884. For more details on these plans, including the treatment for the RSUs of any dividends payable on common shares, see theinformation under ‘‘Restricted share units’’ on page 59, and ‘‘Restricted performance share units’’ on pages 60 to 63.

Amounts shown represent the grant date fair value of the options granted in February of the year following the year shown as part of the annual compensation package of each NEO plus anyone-time awards granted during the year. One-time grant values included in the table are: in 2015 for Ms. Jardine $144,500 in options as part of her on hire grant, as a replacement for equity sheforfeited on joining Kinross. Option grants made to the NEOs in February 2014 with respect to performance in 2013 which are not included in the ‘‘Summary compensation table’’ had the followingvalues: Mr. Rollinson $1,035,912, Mr. Giardini $543,749, Mr. Gold $588,440, and Mr. Roberts $169,236. Due to the straightforward nature of the options granted and the fact that it is a commonlyused model, the Black-Scholes option pricing model was used to estimate the fair value of the options at the grant date. The grant date fair value used in the ‘‘Summary compensation table’’ is thesame as the accounting fair value recorded by the company at the time of grant. For accounting purposes, the fair value is expensed over the vesting period based on the number of optionsestimated to vest. Upon vesting, and until their expiry, the options may or may not be in the money depending on the common share price during that period at times when the executive is notrestricted from trading under the company’s insider trading policy and/or applicable securities laws. Underlying assumptions used in fair valuing the options granted and included in NEOcompensation are as follows:

See the information under ‘‘Stock options’’ on page 64 for more details.


Assumption February 20, 2017 February 15, 2016 May 8, 2015 February 13, 2015 February 18, 2014

Share price (CAD$) $5.06 $4.17 $2.96 $3.73 $5.72. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Kinross beta versus the peer group 1.270 1.162 1.088 1.095 1.052. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Average peer group volatility 50.0% 49.4% 41.7% 41.2% 36.3%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Kinross volatility 61.5% 56.9% 43.4% 42.8% 40.2%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Risk-free interest rate 1.48% 0.89% 0.71% 0.42% 1.19%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fair value of RPSU (CAD$/RPSU) $5.32 $4.47 $2.68 $3.69 $5.39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.

Assumption February 20, 2017 February 15, 2016 May 8, 2015 February 13, 2015 February 24, 2014

Share price (CAD$) $5.06 $4.17 $2.96 $3.73 $5.82. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Expected dividend yield 0.00% 0.00% 0.00% 0.00% 0.00%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Expected volatility 49.3% 56.9% 42.4% 43.3% 39.9%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Risk-free interest rate 1.11% 0.56% 0.98% 0.63% 1.57%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Expected option life 4.5 years 4.5 years 4.5 years 4.5 years 4.5 years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fair value per stock option granted (CAD$/option) $2.09 $1.92 $1.07 $1.35 $2.05. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


The following shows the breakdown in value between RSUs and RPSUs included in compensation each year, and the numbers of units granted for RSUs, RPSUs and options. The number of RPSUs tovest can range from 0% to 150% of units granted based on company performance.

Amounts shown reflect short-term incentive awards made to each NEO to recognize their accomplishments in the year, plus any one-time cash bonuses. The 2015 figure for Ms. Jardine includes aone-time signing bonus of $216,750. The 2014, 2015 and 2016 figures for Mr. Roberts include retention bonuses in the amount of $150,000 in 2014, $75,000 in 2015 and $335,767 in 2016.Additional details regarding company and individual performance measures and results which were considered in determining their short-term incentive awards are provided on pages 68 to 81 ofthis circular. The short-term incentive plan is described on page 56.

This column includes compensatory contributions made to each NEO’s executive retirement allowance plan, including a one-time catch up contribution made in 2015 for Mr. Rollinson of $115,600,and for Mr. Gold of $130,999, reflecting the additional 3% contribution for that period of their eligible service which exceeded 60 months. Further details regarding the executive retirementallowance plan can be found on page 67. For Mr. Roberts, the 2014 and 2015 values reflect contributions made by the company to the Kinross Gold Retirement Plan (a 401(k) plan forU.S. employees).

This column includes incremental costs to the company for perquisites provided to the NEOs, including reimbursements made under the benefit reimbursement plan; car allowance (CEO only); legalfees related to employment agreements; insurance premiums associated with additional life, accidental death, long-term disability and critical illness insurance; and home security services (includingthe cost of related taxes for each NEO). It also includes relocation benefits and payments (including flights, temporary housing, moving allowance, and related taxes) in the case of Ms. Jardine in2015 and Mr. Roberts in 2014. Further details relating to benefits and perquisites can be found beginning on page 65. In addition to perquisites, the figures in this column include the value of thecompany match for the Employee Share Purchase Plan, as outlined on page 66, and in the case of Mr. Roberts, expatriate premiums for 2013 paid in 2014; a payment in lieu of paid time off in2015; and a one-time payment in lieu of contributions to the Canadian retirement plan in 2016. In 2016, perquisites which represented more than 25% of the total perquisite value for each NamedExecutive Officer were as follows, rounded to the nearest whole percent and dollar, respectively:


5.

Executive Share-based awards Number of units awarded

Year included in Grant date RSUs RPSUs Total Option-based RSUs RPSUs Options

compensation awards (at target)

(US$) (US$) (US$) (US$) (#) (#) (#)

J. Paul Rollinson 2016 February 20, 2017 944,034 1,573,390 2,517,425 629,356 250,495 397,311 404,268. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2015 February 15, 2016 841,098 1,401,831 2,242,929 560,732 279,173 434,547 404,577. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2014 February 13, 2015 1,293,000 2,155,000 3,448,000 862,000 402,145 677,507 738,940

Tony S. Giardini 2016 February 20, 2017 377,614 629,356 1,006,970 251,742 100,198 158,925 161,708. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2015 February 15, 2016 363,490 605,816 969,306 242,327 120,648 187,794 174,843. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2014 February 13, 2015 627,536 627,536 1,255,072 313,768 195,175 197,290 268,975

Geoffrey P. Gold 2016 February 20, 2017 372,251 620,419 992,670 248,167 98,775 156,668 159,411. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2015 February 15, 2016 362,579 604,299 966,878 241,720 120,346 187,324 174,405. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2014 February 13, 2015 703,392 703,392 1,406,784 351,696 218,767 221,139 301,488

Gina M. Jardine 2016 February 20, 2017 228,188 380,314 608,502 152,125 60,549 96,037 97,718. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2015 February 15, 2016 159,839 266,399 426,239 106,560 53,053 82,580 76,885. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2015 May 8, 2015 289,000 289,000 578,000 144,500 135,136 149,254 187,074

Lauren M. Roberts 2016 February 20, 2017 256,025 179,218 435,243 76,808 67,935 45,256 49,338. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2015 February 15, 2016 287,659 201,362 489,021 86,298 95,479 62,420 62,266. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2014 February 13, 2015 240,013 186,677 426,690 106,673 74,649 58,690 91,444

6.

7.

8.

Name Type of Perquisite Value (US$) % of Total Perquisites

J. Paul Rollinson Additional disability coverage 51,650 31%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Benefit reimbursement plan 55,860 34%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Tony S. Giardini Benefit reimbursement plan 44,688 62%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Geoffrey P. Gold Benefit reimbursement plan 44,688 60%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Gina M. Jardine Benefit reimbursement plan 44,688 78%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Lauren M. Roberts Benefit reimbursement plan 18,620 100%


Option exercise prices and the values of share-based awards are in Canadian dollars and were converted to United States dollars for purposes of this table using the exchange rate of CAD $1.00 =USD $0.7448.


Outstanding share-based awards and option-based awards

The following table provides details regarding the outstanding restricted share units (including restricted performance shareunits) and options granted to the NEOs as of December 31, 2016:

Name Option-based awards Share-based awards

Grant date Number of Option Option expiration Value of Number of Market or payout Market or payout

securities exercise date(2) unexercised shares or units value of share- value of vested

underlying price(1) in-the- of shares that based awards that share-based

unexercised money have not have not awards not paid

options options(3) vested(4) vested(1)(5) out or distributed

(#) (US$) (US$) (#) (US$) (US$)

J. Paul Rollinson February 22, 2011 152,966 12.10 February 22, 2018 0 2,123,292 6,626,183 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

February 21, 2012 196,769 8.10 February 21, 2019 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

September 17, 2012 146,384 7.43 September 17, 2019 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



February 13, 2015 738,940 2.78 February 13, 2022 253,167. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

February 15, 2016 404,577 3.11 February 15, 2023 6,027

Tony S. Giardini December 3, 2012 87,963 7.49 December 3, 2019 0 757,618 2,364,308 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .





Geoffrey P. Gold February 22, 2011 115,174 12.10 February 22, 2018 0 806,431 2,516,640 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .






Gina M. Jardine May 8, 2015 124,716 2.20 May 8, 2022 114,253 374,978 1,170,198 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Lauren M. Roberts February 22, 2011 18,509 12.10 February 22, 2018 0 307,751 960,403 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


August 13, 2012 55,632 6.09 August 13, 2019 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .




February 15, 2016 62,266 3.11 February 15, 2023 928

1.


Options expire after seven years for options granted on and after February 16, 2011.

Based on the common share price on the TSX on December 31, 2016 of CAD $4.19, less the option exercise price.

Share-based awards that have not vested include all outstanding RSUs and RPSUs as of December 31, 2016. The calculation for outstanding RPSUs granted on February 18, 2014 uses 82% for thevesting of all units, and the calculation for outstanding RPSUs granted on February 13, 2015, May 8, 2015 and February 15, 2016 assumes the vesting of all units at target (100%).

Based on the common share price on the TSX on December 31, 2016 of CAD $4.19.

Based on the common share price on the TSX on the vesting date, less the option exercise price.

Based on the common share price on the TSX on the vesting date.

Value is in Canadian dollars and was converted to United States dollars for purpose of this table using the exchange rate of CAD $1.00 = USD $0.7448.

Values are in Canadian dollars and were converted to United States dollars for purposes of this table using the exchange rate of CAD $1.00 = USD $0.7448.


2.

3.

4.

5.

Incentive plan awards – value vested or earned during the year

The following provides details on the value of awards vested or earned during the year ended December 31, 2016:

Name Option-based Share-based Non-equity incentiveawards(1)(3) – awards(2)(3) – plan compensation(3) –

Value vested Value vested Value earnedduring the year during the year during the year

(US$) (US$) (US$)

J. Paul Rollinson 80,720 1,247,221 1,533,693. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Tony S. Giardini 29,382 391,654 511,231. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Geoffrey P. Gold 32,934 581,251 748,757. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Gina M. Jardine 127,722 232,164 280,194. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Lauren M. Roberts 9,989 186,766 382,580. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.

2.

3.

The following table provides information relating to amounts received upon the exercise of options during the year endedDecember 31, 2016:

Name Number of Grant Share price Valueoptions price(1) on exercise realized(1)

exercised date(1)

and sold

(US$) (US$) (US$)

J. Paul Rollinson 0 n/a n/a 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Tony S. Giardini 0 n/a n/a 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Geoffrey P. Gold 100,496 2.78 5.27 250,569. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Gina M. Jardine 62,358 2.20 5.30 193,208. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Lauren M. Roberts 0 n/a n/a 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.


This table does not include options and RSUs granted in early 2017 prior to the date of this circular. Numbers of RSUs include RPSUs which are granted under the Restricted Share Plan.

Represents the number of common shares reserved for issuance upon exercise of outstanding options (including options granted under acquired companies’ plans) and RSUs.

Since the RSUs do not have an exercise price, they are not factored in the weighted average price calculation. 8,864,244 RSUs were outstanding as of December 31, 2016.

Based on the maximum number of common shares reserved for issuance upon exercise of options under the Share Option Plan of 31,166,667 and under the Restricted Share Plan of 35,000,000.

In addition, as of December 31, 2016, 510,546 common shares remained available for issuance under the Share Purchase Plan.

Includes options outstanding pursuant to the Underworld Resources Inc. stock option plan assumed by the company in connection with the acquisition of Underworld Resources Inc. consisting of117,145 options with a weighted average exercise price of CAD$8.21.

Option plan for Underworld Resources Inc.


Additional equity compensation plan information

The following table provides details of compensation plans under which equity securities of the company are authorized forissuance as of December 31, 2016 (1):

Plan category Number of securities to be Weighted-average price of Number of securities remainingissued upon exercise of outstanding options, available for future issuance

outstanding options, warrants and RSUs(3) under equity compensationwarrants and RSUs(2)(6) CAD$ plans(4)(5)

Equity compensation plans approvedby security holders 21,293,798 6.95 26,850,735

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Equity compensation plans not approvedby security holders Nil N/A N/A

Total 21,293,798 6.95 26,850,735

1.

2.

3.

4.

5.

6.

The following tables provide details of compensation plans under which equity securities of the company are authorized forissuance as of March 16, 2017:

Restricted Share Plan Share Option Plans Share Purchase Plan

Share Assumed Stock Total Share

Option Plan Option Plan(1) Option Plans

No. % of Out- No. % of Out- No. % of Out- No. % of Out- No. % of Out-

standing standing standing standing standing

Shares Shares Shares Shares Shares

Maximum shares issuable 35,000,000 2.807 31,166,667 2.500 420,180 0.034 31,586,847 2.534 5,666,666 0.455. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Shares issued to date 13,922,445 1.117 6,427,245 0.516 303,035 0.024 6,730,280 0.540 5,156,120 0.414. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Shares issuable under outstanding awards 9,178,095 0.736 12,018,543 0.964 117,145 0.009 12,135,688 0.973 N/A N/A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Shares available for future awards 11,899,460 0.954 12,720,879 1.020 N/A N/A 12,720,879 1.020 510,546 0.041. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.

Weighted average exercise price of all outstanding options under all plans: CAD $6.72Weighted average remaining term of all outstanding options under all plans: 3.90 yearsAggregate number of full-value awards that have not vested or earned RSUs: 4,117,419

RPSUs: 5,060,676



Shares for issuance

Restricted Share ShareShare Plan Option Plan Purchase Plan

Maximum number of common shares reserved for issuance, as of March 16, 2017 35,000,000 31,166,667 5,666,666. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Percent of common shares outstanding (approximate) 2.81% 2.50% 0.45%. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Maximum number of common shares authorized for issuance to any one insider and such 5% of the total Noneinsider’s associates under each plan within a one-year period common shares then outstanding

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Maximum number of common shares reserved for issuance to any one person under 5% of the total Noneeach plan common shares then outstanding

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Maximum number of common shares authorized for issuance to insiders, at any time, 10% of total common shares outstandingunder all compensation arrangements of the company

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Maximum number of common shares issued to insiders under all compensation 10% of total common shares then outstandingarrangements of the company within a one-year period

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The following table sets out the overhang, dilution and burn rate percentages in respect of options under the company’s stockoption plan for the fiscal years ended 2016, 2015, and 2014:

2016 2015 2014

Overhang

the total number of options available for issuance, plus all options outstanding that have not 1.99% 2.22% 2.23%yet been exercised, expressed as a percentage of the total number of issued and outstandingcommon shares of the company at the end of the fiscal year.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Dilution

options issued but not exercised, expressed as a percentage of issued and outstanding 0.99% 1.17% 1.02%common shares of the company at the end of the fiscal year.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Burn Rate

the number of options issued each year, expressed as a percentage of the issued and 0.15% 0.31% 0.29%outstanding common shares of the company at the end of the fiscal year.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Plan amendments

Restricted Share Plan

Under the terms of the restricted share plan, shareholder approval is required for any amendment, modification orchange that:

• increases the number of common shares reserved for issuance under the restricted share plan, except in connection with achange of control or pursuant to the provisions in the restricted share plan which permit the human resource andcompensation committee to make equitable adjustments in the event of transactions affecting the company or its capital;

• extends eligibility to participate in the restricted share plan to non-employee directors;

• permits restricted share rights to be transferred other than for normal estate settlement purposes;

• permits awards, other than the restricted share rights, to be made under the restricted share plan;

• reduces restrictions on the restricted period for restricted share rights granted under this plan except in the event ofdeath, retirement or termination of employment or upon a change of control; or

• deletes or reduces the range of amendments which require shareholder approval.



In addition, under TSX listing requirements, shareholder approval is required for any amendment, modification or change toremove or exceed the 10% limit on the number of common shares authorized for issuance, or issued, to insiders as a group.

Other amendments may be made without shareholder approval including amendments of a housekeeping nature,adjustments to outstanding RSUs in the event of certain corporate transactions, specifying practices with respect to applicabletax withholdings, the addition of covenants for the protection of participants, and changes to vesting provisions.

Share Option Plan

Under the terms of the share option plan, shareholder approval is required for any amendment, modification or change that:

• increases the number of common shares reserved for issuance under the share option plan, except in connection with achange of control or pursuant to the provisions in the share option plan which permit the human resource andcompensation committee to make equitable adjustments in the event of transactions affecting the company or its capital;

• reduces the exercise price of an option except in connection with a change of control or pursuant to the provisions in theplan which permit the human resource and compensation committee to make equitable adjustments in the event oftransactions affecting the company or its capital;

• extends the term of an option beyond the original expiry date, or permits the expiry of an option to be beyond ten yearsfrom date of grant;

• extends eligibility to participate to non-employee directors;

• permits stock option rights to be transferred other than for normal estate settlement purposes;

• permits awards, other than the stock option rights, to be made under the share option plan;

• reduces restrictions on the exercisability of options granted under this plan except in the event of death, disability,retirement or termination of employment or upon a change of control; or


In addition, under TSX listing requirements, shareholder approval is required for any amendment, modification or change toremove or exceed the 10% limit on the number of common shares authorized for issuance, or issued, to insiders as a group.

Other amendments may be made without shareholder approval including amendments of a housekeeping nature,adjustments to outstanding options in the event of certain corporate transactions, specifying practices with respect toapplicable tax withholdings, the addition of covenants for the protection of participants, changes to vesting provisions, and achange to the termination provisions of an option which does not involve an extension of the term of an option beyond itsoriginal expiry date.

Share Purchase Plan

Under the terms of the share purchase plan, shareholder approval is required for any amendment, modification or change that:

• increases the number of common shares reserved for issuance under the share purchase plan, except in connection with achange of control or pursuant to the provisions in the share purchase plan which permit the human resource andcompensation committee to make equitable adjustments in the event of transactions affecting the company or its capital;

• extends eligibility to participate in the share purchase plan to non-employee directors;

• permits rights under the share purchase plan to be transferred other than for normal estate settlement purposes;

• permits awards, other than the common shares, to be made under the share purchase plan; or


In addition, under TSX listing requirements, shareholder approval is required for any amendment, modification or change toremove or exceed the 10% limit on the number of common shares authorized for issuance to insiders, or issued to insiders, asa group.



Other amendments may be made without shareholder approval including amendments of a housekeeping nature,adjustments to outstanding shares under the share purchase plan in the event of certain corporate transactions, specifyingpractices with respect to applicable tax withholdings, the addition of covenants for the protection of participants, and changesto vesting provisions.

Pension and other benefit plans – Executive retirement allowance plan

In 2004, the company adopted the executive retirement allowance plan, the terms of which are described under ‘‘Retirementallowance’’ on page 67. The following is a table showing the accumulated value under the executive retirement allowance planin 2016 for each NEO (sum of elements may vary slightly due to rounding)(1):

Name Accumulated value Compensatory Non-compensatory Accumulated valueat start of year at year end

(US$) (US$) (US$) (US$)

J. Paul Rollinson 2,089,439 435,708 40,221 2,565,367. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Tony S. Giardini 460,009 145,236 9,227 614,473. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Geoffrey P. Gold 1,794,557 227,909 33,439 2,055,905. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Gina M. Jardine 62,294 92,868 1,802 156,964. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Lauren M. Roberts(2) 0 0 0 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1. Retirement allowance values are in Canadian dollars and were converted to United States dollars for purposes of this table using the exchange rate of CAD $1.00 = USD 0.7448.

2. Mr. Roberts did not participate in any retirement plans in 2016 but received a cash payment in lieu, as shown in the ‘‘Summary compensation table’’.

Employment contracts

Upon hire or promotion, all members of the senior leadership team (SLT ) enter into an agreement with the company relating totheir employment (their employment agreement ). The employment agreements set out the starting compensation terms forthe executive, as well as additional terms and conditions of employment. Compensation, including the annual salary payableunder each of these employment agreements, is reviewed and may be adjusted annually or as required, as outlined onpage 56.

Compensation on termination of employment

Among other things, the employment agreements for each of the SLT members generally outline terms relating to terminationof employment with the company.

The tables below outline the compensation payable to SLT members in the event of termination of employment without causeby the company, or the resignation by an executive following a material or detrimental alteration of the employee’s position, amaterial reduction of salary or other specific adverse events for the NEO (a triggering event). The tables also outline thecompensation to SLT members if the executive’s employment is terminated or the executive is subject to a triggering eventwithin 18 months of the change of control of the company, which includes, among other things:

• a merger transaction with another entity as a result of which less than 50% of the outstanding common shares of thesuccessor corporation would be held by Kinross shareholders;

• a sale of assets of the company that have an aggregate book value of more than 30% of the book value of the assets ofthe company; or

• the acquisition by any person, entity or group of persons or entities acting jointly acquiring 20% or more of the votesattached to securities of the company which may be cast to elect directors of the company or its successor.


All agreements for executives hired from 2011 forward include reduced provisions on termination where such termination occurs within the first six months after the date of hire.

The RSUs, RPSUs and options scheduled to vest on the first anniversary may be forfeited if, prior to that vesting date, the board determines that the executive failed to act in the best interests of thecompany or deliberately engaged in illegal activity.

In the case of Mr. Roberts, the company may exercise its discretion to cancel the equity and pay a cash value in lieu of allowing the RSUs and RPSUs to vest.


In 2016, these terms applied to all NEOs except Mr. Roberts (whose offer letter from the company for his role as SeniorVice-President, Corporate Development did not specify terms relating to termination of employment). Effective January 1,2017, Mr. Roberts is also subject to these same terms, as shown below.

Provision Termination without cause(1) Termination following change of control

Lump sum severance 2 times: 3 times (or 2 times in the case Ms. Jardine andpayment equal to the Mr. Roberts):• base salary, andaggregate of: • base salary, and• the greater of the target and average bonus paid in the

two prior fiscal years (or, if employed for less than two • the greater of the target and average bonus paid in theyears, the previous year’s bonus, or if none, the target two prior fiscal years (or, if employed for less than twobonus) years, the previous year’s bonus, or if none, the target

bonus)plus:plus:• the greater of the target and average bonus paid in the

two prior fiscal years, prorated to the date of termination, • the greater of the target and average bonus paid in thein respect of the final year of employment. two prior fiscal years, prorated to the date of termination,

in respect of the final year of employment.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reimbursement for legal and up to CAD$10,000 up to CAD$10,000financial counselling services: (up to CAD$25,000 in the case of Mr. Rollinson) (up to CAD$25,000 in the case of Mr. Rollinson)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Benefits: continue for the ensuing 2 years or, alternatively, a lump continue for 3 years (2 years for Ms. Jardine andsum payment in lieu of benefits equal to: Mr. Roberts) or, alternatively, a lump sum payment in lieu

of benefits equal to:• for Mr. Giardini and for Ms. Jardine, the estimated cost tothe company of providing health, dental and life • for Mr. Giardini and for Ms. Jardine, the estimated cost toinsurance benefits; the company of providing health, dental and life

insurance benefits;• for Mr. Gold, 30% of salary;• for Mr. Gold, 30% of salary;• for Mr. Roberts, 20% of salary; and• for Mr. Roberts, 20% of salary; and• for Mr. Rollinson, a lump sum payment of CAD$500,000.• for Mr. Rollinson, a lump sum payment of CAD$750,000.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Executive retirement lump sum equal to the present value of 2 years of ERAP lump sum equal to the present value of 3 years of ERAPallowance plan (ERAP ): contributions. contributions (2 years for Ms. Jardine and Mr. Roberts).

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

RSUs, RPSUs and options: CEO: 50% of all outstanding RSUs and options, and 50% of All outstanding RSUs, RPSUs and options vest immediatelyall RPSUs which would otherwise have vested during the and remain in effect until their normal expiry.ensuing 2 years, would vest immediately on termination,and the balance on the first anniversary of termination,subject to potential forfeiture(2).

Messrs. Giardini, Gold and Roberts(3), and Ms. Jardine: allequity which would otherwise have vested during theensuing 2 years (and for Ms. Jardine, all outstanding equitygranted on May, 8, 2015 as part of her on hire grant) willbe permitted to vest in normal course (not accelerated); andthe executives will be permitted to exercise vested optionsat any time from vest through the date which is the earlierof: (a) sixty days after the end of the severance period or(b) the expiry date based on the original term of the option.All such equity will remain subject to the recoupment policy.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.

2.

3.


All equity is permitted to vest in accordance with the normal vesting schedule when executives: 1) reach the minimum early retirement age as specified in the company pension plan in which theyparticipated, or age 55, whichever is greater; 2) have a minimum of 10 years of service; and 3) provide a minimum 3 months’ notice of intent to retire. In addition, executives who achieve theseminimum service and age requirements and retire on good terms following a successful transition to a successor would be eligible to receive a retiring allowance, calculated as 12 months’ basesalary plus a cash payment representing the present value of three years’ additional retirement plan accrual. Currently none of our NEOs meet these requirements for the equity vesting or the retiringallowance.

Applicable to Mr. Roberts only as of January 1, 2017 as he did not participate in any retirement programs in 2016.


Termination of employment is always by written notice, and may be by the company, with or without cause, or by theresignation of the executive. Following termination of employment, each of the SLT members under his or her employmentagreement is subject to non-competition and non-solicitation covenants for a period of 12 months (except where suchtermination occurs in the first six months of employment, then such covenants are for three months).

Compensation on retirement or death

Type of termination Severance Short-term Options(1) RSUs / RPSUs(1) Benefits Retirementincentive plan(2)

Retirement None Prorated incentive Vested options must RSUs / RPSUs None Accrued retiringpaid based on date be exercised within subject to a allowance payableof retirement 60 days; unvested restricted period are

options are forfeited forfeited, and thosesubject solely to adeferred paymentdate are settled forcommon shares

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Death None Prorated incentive All unvested options All RSUs / RPSUs Health and dental Accrued retiringpaid based on date vest, with lesser of are automatically benefits continue allowance payableof death 12 months and settled for common for eligible to surviving

original term to shares dependents for beneficiary or estateexercise 2 years

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.

2.



Incremental payments on termination, retirement and death

The following table shows the value of the estimated incremental payments, payables, and benefits to each NEO that wouldhave resulted had the relevant triggering event occurred on the last business day of the most recently completedfinancial year.

Name Estimated incremental value of termination as of December 31, 2016(1)

Compensation Termination Termination Retirement / Death / change Termination

component without cause following change resignation(2) of control(3) with cause

of control

J. Paul Rollinson Severance payment 4,841,201 7,261,802 0 0 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Accelerated vesting of equity 63,201 67,373 0 67,373 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Benefits / ERAP 1,242,923 1,841,221 0 0 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total 6,147,325 9,170,396 0 67,373 0

Tony S. Giardini Severance payment 1,936,480 2,904,721 0 0 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Accelerated vesting of equity 0 26,102 0 26,102 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Benefits / ERAP 349,518 528,150 0 0 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total 2,285,999 3,458,973 0 26,102 0

Geoffrey P. Gold Severance payment 2,532,321 3,798,481 0 0 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Benefits / ERAP 605,001 820,546 0 0 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total 3,137,322 4,646,143 0 27,115 0

Gina M. Jardine Severance payment 1,238,230 1,238,230 0 0 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Benefits / ERAP 210,646 210,646 0 0 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total 1,448,876 1,464,627 0 15,751 0

Lauren M. Roberts(4) Severance payment 593,978 593,978 0 0 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Benefits / ERAP 30,211 30,211 0 0 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total 624,189 634,671 0 10,482 0

Termination payments are calculated and payable in Canadian dollars and were converted to United States dollars for purposes of this table using the exchange rate of CAD $1.00 = USD $0.7448.

1. These tables reflect the estimated incremental payments that are triggered under each circumstance identified in the respective headings.

2. Upon retirement, NEOs receive accumulated values in the executive retirement allowance plan as reported under ‘‘Executive retirement allowance plan’’ on page 67. No NEOs are currently eligible toreceive any other incremental amounts in the event of retirement.

3. Upon death and change of control, RSUs, RPSUs and options vest immediately. The amounts shown represent the present value of the accelerated vesting of options, RSUs and RPSUs (assumingvesting at target) under the terms of the respective plans. Discount rates used were generated using Canadian money market wholesale interest rates as at December 31, 2016 corresponding to eachapplicable discount period. No other incremental amounts would be paid.

4. As Mr. Roberts’ employment agreement with the company prior to January 1, 2017 did not specify terms relating to termination of employment, the amounts shown were calculated based on termssimilar to those provided to other executives of a similar level under each situation.

Other than as described above, the company (and its subsidiaries) currently have no employment contracts in place with theNEOs, and no compensatory plans or arrangements with respect to the NEOs, that results or will result from the resignation,retirement or any other termination of such executives’ employment with the company (and its subsidiaries), from a change ofcontrol of the company (and its subsidiaries) or a change in the NEOs’ responsibilities following a change of control.


94GOVERNANCE

Governance

Kinross and the board recognize the importance of corporate governance to the effective management of the company and tothe protection of its employees, shareholders and other stakeholders. Kinross’ approach to significant issues of corporategovernance is designed with a view to ensuring that the business and affairs of the company are effectively managed so as toenhance shareholder value.

Highlights

Financial

• For 2016, non-audit fees were approximately 6% of total fees charged by the company’s auditor,

• No adverse audit opinions since formation in 1993,

• No financial restatements since 2005*,

• No untimely financial disclosures since 2005*,

• No enforcement actions by securities regulators against the company, or any of its directors or officers, since 2005*,

• No material weaknesses in internal controls since reporting of such was first required commencing 2006, and

• Chair of the audit and risk committee is a ‘‘financial expert’’.

* The company did not file its audited financial statements for the year ended December 31, 2004 on time as a result of questions raised by the Securities and Exchange Commission about certainaccounting practices related to the accounting for goodwill. Management cease trade orders were issued in respect of this failure and it affected all of the directors of the company from July 6, 2005through until the lifting of the orders on February 22, 2006 when Kinross completed the necessary filings following the SEC’s acceptance of Kinross’ accounting treatment for goodwill.

Directors

• 3 of 9 directors are women (33%),

• 8 of 9 (89%) directors are independent, including an independent chair,

• All board committees are composed solely of independent directors,

• 7 of the 9 directors standing for re-election have 100% attendance at the board and their respective committee meetings,

• The board met independently of management at 6 of the 8 meetings (75%), including at all regularly scheduledboard meetings,

• All of the board committees met independently of management at all of their respective meetings,

• Board meetings have a majority quorum requirement,

• Majority voting applies to annual director elections,

• All directors standing for re-election at this meeting were (re-)elected in 2016 with greater than 90% of the votes cast,

• Directors are subject to share ownership requirements and, as applicable, all directors currently meet those requirements,

• Annually, the board evaluates itself, as a whole, and conducts a peer review of individual directors,

• The board conducted a 360 degree peer review of its members,

• The board cannot issue blank check preferred stock, and

• The company has a shareholder rights plan in effect until 2018.


95GOVERNANCE

Regulatory complianceThe board, through its corporate governance and nominating committee, monitors the extensive and continuing changes tothe regulatory environment with respect to corporate governance practices, and the corporate governance and nominatingcommittee recommends to the board changes to the company’s governance practices in light of changing governanceexpectations, regulations and best practices.

Regulatory changes have come into effect, or are proposed, under the rules and regulations in Canada, including the CapitalMarkets Act, as well as in the U.S., including clawback policy rules proposed under the Dodd-Frank Wall Street Reform andConsumer Protection Act. The board will continue to review and revise the company’s governance practices in response tochanging governance expectations, regulations and best practices.

Kinross’ corporate governance practices have been designed to align with applicable Canadian corporate governanceguidelines and other requirements. In addition, Kinross is fully compliant with National Instrument 52-110 pertaining to auditcommittees adopted by Canadian Securities Administrators.

Although, as a regulatory matter, the majority of the corporate governance listing standards of the New York Stock Exchange(the ‘‘NYSE standards’’) are not applicable to the company, the company has corporate governance practices that aresubstantially compliant with the NYSE standards. Details of the company’s corporate governance practices compared to theNYSE standards are available for review on the company’s website at www.kinross.com.

Our board of directors

There are currently nine members of the board, of whom eight are independent within the meaning of the corporategovernance guidelines and the NYSE standards. The independent directors hold regularly scheduled meetings (at least onceevery quarter) at which non-independent directors and management are not present. Mr. Rollinson is not independent as he isan officer of Kinross.

The board has appointed a chair, Mr. John Oliver. The chair of the board (also referred to as the ‘‘independent chair’’) is anindependent director who has been designated by the full board to assume the leadership of the board and to enhance andprotect, with assistance from the corporate governance and nominating committee and the other committees of the board,the independence of the board.

The responsibilities of the independent chair are set out in a position description for the independent chair adopted by theboard. These responsibilities may be delegated or shared with the corporate governance and nominating committee and/orany other independent committee of the board and include responsibilities such as:

• chairing all meetings of directors,

• providing leadership to the board to enhance the board’s effectiveness,

• managing the board,

• acting as a liaison between the board and management, and

• representing the company to certain external groups.

A copy of the position description of the independent chair is available upon request to the Corporate Secretary ofthe company.

The board fulfills its mandate directly and through its committees at regularly scheduled meetings or as required. Thefrequency of meetings may be increased and the nature of the agenda items may be amended depending upon the state ofthe company’s affairs and in light of the opportunities or risks that the company faces. The directors are kept informed of thecompany’s operations at these meetings as well as through reports and discussions with management on matters within theirparticular areas of expertise.


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The board has adopted performance schedules for the board and each of its committees. These performance schedules havebeen developed by the corporate governance and nominating committee as a tool to ensure:

• the adequate scheduling of meetings for the purpose of fulfilling all duties of board and the committees as set out intheir charters,

• the fulfillment of the board and committee duties, and

• the evaluation of the fulfillment of such duties in light of the board and committee charters.

The directors meet regularly without management to review the business operations, corporate governance and financialresults of the company. In 2016, the independent directors met without management present at six of the eight boardmeetings held during the year.

The attendance record of each director standing for re-election at the meeting, at all board committee meetings held duringthe last year and the names of other reporting issuers for whom certain Kinross directors also serve as directors, are set out inthe tables appearing under ‘‘About the nominated directors’’ on page 13.

Code of business conduct and ethicsAs part of its commitment to maintaining the highest ethical standards, the board has adopted a code of business conduct andethics (the Code) for its directors, officers, employees and contractors. The corporate governance and nominating committeehas responsibility for monitoring compliance with the Code by ensuring that all directors, officers, employees and contractorsreceive and familiarize themselves with the Code and acknowledge their support and understanding of the Code. Anynon-compliance with the Code is to be reported in accordance with the Code and the company’s Whistleblower Policy, to thechair of the corporate governance and nominating committee, the chair of the audit and risk committee, the Chief LegalOfficer, the General Counsel or, as applicable, to the Vice-President, Human Resources.

A copy of the Code may be accessed on the company’s website at www.kinross.com or under the company’s profile onSEDAR at www.sedar.com.

The board takes steps to ensure that directors, officers and employees exercise independent judgment in consideringtransactions and agreements in respect of which a director, officer or employee of the company has a material interest, whichinclude ensuring that directors, officers and employees are thoroughly familiar with the Code and, in particular, the rulesconcerning reporting conflicts of interest. Where a director declares an interest in any material contract or transaction beingconsidered at a meeting of directors, the director absents himself or herself from the meeting during the consideration of thematter, and does not vote on the matter.

The board encourages adherence to an overall culture of ethical business conduct by:

• promoting compliance with the Code, including applicable laws, rules and regulations,

• providing guidance to directors, officers and employees to help them recognize and deal with ethical issues,

• promoting a culture of open communication, honesty and accountability, and

• ensuring awareness of disciplinary action for violations of ethical business conduct.

The Code, along with the company’s anti-corruption compliance protocol, addresses the compliance framework contemplatedunder various anti-corruption laws in Canada, United States and other jurisdictions in which Kinross operates.

The company’s Vice-President, Compliance provides day-to-day leadership to and manages the company’s global compliancewith the Code and other core policies including management of the company’s Whistleblower Policy and program, reportingquarterly on such matters to the board and/or its applicable committees.


97GOVERNANCE

Role of the board of directorsThe board mandate has been formalized in a written charter. The board discharges its responsibilities directly and throughcommittees of the board, comprising the audit and risk committee; corporate governance and nominating committee;corporate responsibility and technical committee and human resource and compensation committee.

The charter of the board sets out specific responsibilities, some of which include:

• appointing the independent chair who is responsible for the leadership of the board and for specific functions to enhancethe independence of the board,

• the adoption of a strategic planning process, approval of strategic plans and monitoring performance against such plans,

• the review and approval of corporate objectives and goals applicable to senior leadership team of the company,

• defining major corporate decisions requiring board approval and approving such decisions as they arise from time totime, and

• obtaining periodic reports from management on the company’s operations including reports on security issuessurrounding the company’s assets, property and employees and the relevant mechanisms that management has putin place.

Annually, the board reviews and approves a strategic plan that takes into account business opportunities and business risksconsistent with Kinross’ risk appetite.

Additional functions of the board are included in its charter or have been delegated to its committees. A complete copy of thecharter of the board of directors of the company is attached as Appendix A to this circular and is available upon request to theCorporate Secretary or on the company’s website at www.kinross.com.

In carrying out its mandate, the board met eight times in 2016, on six of these occasions also meeting without managementpresent. At such meetings and pursuant to written resolutions, the board fulfilled its responsibilities by doing the following,among other things:

• adopted a strategic plan proposed by management and considered possible strategic initiatives for the company,

• reviewed and approved financial statements,

• obtained periodic reports from management regarding operational matters, gold sales, cash flows and borrowingactivities,

• approved the 2017 budget,

• reviewed and approved amendments to the core policies namely, The Code of Business Conduct and Ethics, theWhistleblower Policy, and the Disclosure, Confidentiality and Insider Trading Policy,

• reviewed director profiles,

• received reports from the chair of the audit and risk committee regarding financial, audit, internal control, informationtechnology, cyber-security and legal matters and the implementation and operationalization of the risk managementframework,

• received reports from the chair of the corporate governance and nominating committee on current governance practices,the company’s compliance practices, reviewed recommendations to approve various board policies, and received a reporton director nomination,

• received reports from the chair of the corporate responsibility and technical committee regarding environmental, healthand safety matters, the overall process relating to the reporting of the company’s mineral reserves and mineral resources,material exploration, operating, development and technical activities, and the process for identification and managementof technical and operating risks,


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• received reports from the chair of the human resource and compensation committee and approved the compensationawarded to the CEO and senior executives, including the NEOs,

• reviewed issues relating to the company’s material properties,

• reviewed and approved the Cash Investment Policy

• received an update on the Tasiast 12K feasibility and 30K pre-feasibility studies,

• approved phase one of the Tasiast expansion project,

• approved the filing of a preliminary short form prospectus in respect of equity offering,

• approved the term extension of the credit guarantee facility with Export Development Canada, and

• approved amendments to credit facilities to better align with the company’s needs.

Position descriptionsThe independent chair of the board works with the chairs of the committees of the board to assist them in carrying out theirroles and responsibilities as detailed in the committee charters.

In general, committee chairs fulfill their responsibilities by, among other things:

• reviewing and approving the agenda for each committee meeting,

• presiding over committee meetings,

• obtaining reports from management regarding matters relevant to their mandate, and

• reporting to the full board and making recommendations to the board regarding matters in their committee’s areas ofresponsibility.

The board and the CEO engage in an ongoing dialogue regarding the board’s ongoing expectations for the CEO’sresponsibilities, which include:

• assuming the leadership of management and the day to day leadership of the company,

• developing and recommending Kinross’ strategic plans,

• implementing Kinross’ business and operational plans,

• reporting regularly to the board on the overall progress of Kinross against its financial and operational objectives,

• ensuring that Kinross’ strategic business plan is carried out efficiently, with integrity and ethically, and

• communicating and liaising with investors, other stakeholders and public markets.

Assessing the boardThe current practice of the board is for the independent chair, with the assistance of the corporate governance and nominatingcommittee, to make ongoing formal and informal assessments of the performance of the board, board committees andindividual directors. The board has a formal board and committee evaluation process which is completed annually and consistsof evaluation forms for the board, as a whole, each of the committees and for individual directors. In addition to the above,performance evaluations are completed annually for the board chair and the chairs of the committees.

The evaluation of the board as a whole and the committees is aimed at determining the effectiveness of the board and howimprovements could be made. The evaluation of individual directors is aimed at ensuring that each board member brings anadequate contribution to the board as a whole in light of its overall needs. Such evaluations are used by the independent chairand the corporate governance and nominating committee to recommend changes to board composition or board structure,as may be required from time to time.


99GOVERNANCE

360 degree peer review

In 2016, the board conducted a 360 degree peer review of its members. Each director completed evaluation forms respectingtheir peers, their committees and the chair of the board. Forms were collected and reviewed by the independent chair and thechair of the corporate governance and nominating committee. The results were communicated to the corporate governanceand nominating committee by its chair and to the entire board by the independent chair.

Nominating and method of voting for directorsThe corporate governance and nominating committee, which is composed entirely of independent directors, is responsible foridentifying and recruiting new candidates for nomination to the board.

Among the duties under its mandate, the corporate governance and nominating committee:

• reviews the composition of the board to ensure it has an appropriate number of independent directors,

• maintains an evergreen list of potential nominees,

• analyzes the needs of the board when vacancies arise,

• ensures that an appropriate selection process for new board nominees is in place,

• makes recommendations to the board for the election of nominees to the board,

• continually engages in succession planning for the board, by performing at least annually, a process similar to that which isused for senior management, and

• identifies needs of the board with the help of a skills and experience assessment, and diversity analysis, matching this tothe continuously refreshed evergreen list of potential nominees.

In assessing the composition of the board the corporate governance and nominating committee takes into account thefollowing considerations:

• the independence of each director,

• diversity of the board, including gender representation,

• the competencies and skills that the board, as a whole, should possess, and

• the current strengths, skills and experience represented by each director, as well as each director’s personality and otherqualities as they affect board dynamics.

Nominees to the board proposed for election at the meeting are elected by individual voting on each nominee to the board.

Diversity

Board diversity

Kinross believes in diversity and values the benefits diversity can bring to its board. Diversity includes gender, sexualpreference, disability, age, ethnicity, business experience, functional expertise, stakeholder expectations, culture andgeography. Kinross seeks to maintain a board comprised of talented and dedicated directors whose skills and backgroundsreflect the diverse nature of the business environment in which Kinross operates. Accordingly, the composition of the board isintended to reflect a diverse mix of skills, experience, knowledge and backgrounds, including an appropriate number ofwomen directors. In addition to the relevant skills and experience contained in the above matrix, the corporate governanceand nominating committee takes into account the diversity of candidates when filling board vacancies and changing itscomposition. Kinross also tracks the number of directors with significant, limited or no operations experience.


100GOVERNANCE

In 2012, the board developed and approved a written board diversity policy, which is now part of the consolidated CorporateGovernance Guidelines adopted by the board in November 2015. In 2013, with a focus on increasing the board’s genderdiversity, the corporate governance and nominating committee actively recruited for women and successfully added twowomen directors to the board. The board diversity policy was updated in December 2014 to include a target percentage forrepresentation of women directors. The board has set as a target that at least 33% of the members of the board should bewomen. This target has been met with 3 of the 9 directors on the board being women. Mses. Lethbridge, McLeod-Seltzer andPower will stand for re-election at this meeting and upon successful election, the representation of women on the board willcontinue to be at 33% (3 of 9).

Kinross is committed to a merit-based system for board composition, which requires a diverse and inclusive culture. Whenidentifying suitable candidates for appointment to the board, Kinross will consider candidates on merit against an objectivecriteria having due regard to the benefits of diversity and the needs of the board. Any search firm engaged to assist the boardor the corporate governance and nominating committee in identifying candidates for appointment to the board shall bedirected to include female candidates and female candidates will be included in the board’s evergreen list of potential boardnominees. The corporate governance and nominating committee will continue to review the board diversity policy annuallyand assess its effectiveness in promoting a diverse board which includes an appropriate number of women directors.

Diversity in executive officer appointments

Kinross believes in diversity and values the benefits diversity can bring to the company. In February 2015, Kinross adopted aglobal written policy on diversity and inclusion with respect to its employees. The policy is titled ‘‘The Kinross Way for Diversityand Inclusion’’, and it provides guiding principles for promoting a diverse and inclusive culture within Kinross. The policyinterprets diversity to mean all the ways in which the employees of Kinross and its subsidiaries are different including visibledifferences such as ethnicity, race, gender, age and physical appearance as well as religion, nationality, disability, sexualorientation, education and ways of thinking.

The policy recognizes gender diversity as one aspect of diversity which it seeks to promote within the company. Kinross haschosen at this time not to target a specific number or percentage of women. Instead, Kinross has established a framework thatwill enable the evolution of diverse employee representation, including women as executive officers and believes this is amore meaningful and sustainable approach to improving diversity and inclusion in the workplace. This framework will begrounded in meaningful activities, with an overarching goal of increasing the representation of women based on merit. As ofMarch 1, 2017, the representation of women in executive officer positions within Kinross and its subsidiaries was at 8 womenwhich was 14.29% (March 1, 2016: 14.5%) of executive officer positions.

The Kinross Way for Diversity and Inclusion is supported by a number of activity based measurements specifically aimed atincreasing the representation of women at Kinross globally, and is focused on recruitment, management development andsuccession. These include activities to assess the reasons female employees are attracted to work at Kinross and itssubsidiaries as well as exit interviews to determine any unique reasons that women leave Kinross and activities to expand ourinclusion of women in succession planning pools and in development programs. Kinross will strive to include femalecandidates for all key position openings and consider the representation of women in making appointments, including forexecutive officer roles. However, in all cases the decision on hiring and promotion will be based entirely on merit. While theinitial focus of these activities is gender, it is believed that actions taken to improve the environment and opportunities forwomen will be beneficial for all employees and increase diversity more broadly at Kinross globally.

New director orientation and continuing educationThe corporate governance and nominating committee, in conjunction with the independent chair of the board and the CEO ofthe company, is responsible for ensuring that new directors are provided with an orientation and education program whichincludes written information about the duties and obligations of directors (including board and committee charters, companypolicies and other materials), the business and operations of the company, documents from recent board meetings, andopportunities for meetings and discussion with senior management and other directors.


101GOVERNANCE

Continuing education helps directors keep up to date on changing governance issues and requirements, and understandissues the company faces within the context of its business. The board recognizes the importance of ongoing directoreducation and the need for each director to take personal responsibility for this process.

To facilitate ongoing education of the directors, the corporate governance and nominating committee, the independent chairor the CEO will, as may be necessary from time to time:

• request that directors determine their training and education needs and interests,

• arrange ongoing visitation by directors to the company’s facilities and operations,

• arrange the funding for the attendance of directors at seminars or conferences of interest and relevance to their positionas a director of the company, and

• encourage and facilitate presentations by members of management and outside experts to the board or committees onmatters of particular importance or emerging significance.

Each of the current directors is encouraged to complete a recognized director education program such as those offered bycorporate governance institutes. Kinross provides access to and financial support for continuing education courses, withparticular emphasis on best practices in corporate governance, and will cover 100% of the cost to attend and completeselected programs.

The following table provides details regarding various continuing education events held for, or attended by, the company’sdirectors during the financial year ended December 31, 2016. In addition to these, the directors receive regular updates frommanagement on matters of particular importance or emerging significance.

Date Topic Presented/Hosted by Attended by

January, 2016 Emerging and Evolving Audit Committee Issues Institute of Corporate Directors John A. Brough. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

February, 2016 Presentation on Current Corporate Governance Osler, Hoskin & Harcourt LLP John M.H. HuxleyIssues Catherine McLeod-Seltzer

Kelly Osborne. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

February, 2016 BMO Gold Industry Conference BMO John A. BroughCatherine McLeod-Seltzer

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April, 2016 CSR Strategies That Work Institute of Corporate Directors Ave G. Lethbridge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

April, 2016 Board’s Role in Crisis Management Osler, Hoskin & Harcourt LLP and Institute of Ave G. LethbridgeCorporate Directors

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May, 2016 Bald Mountain, Nevada – Mine visit Kinross Gold Corporation Ian AtkinsonAve G. LethbridgeCatherine McLeod-SeltzerJohn E. OliverKelly J. OsborneUna M. Power

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May, 2016 Governance of International Operations Institute of Corporate Directors John A. Brough. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

May, 2016 Navigating the Markets: Shareholder Activism Barclays and Stikeman Elliott LLP John A. Brough. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

June, 2016 Financial Services Audit Committee Roundtable Ernst & Young LLP John A. Brough. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

June, 2016 National Conference Institute of Corporate Directors Una M. Power. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

June, 2016 St. Petersburg International Economic Forum Ministry of Economic Development of the Russian J. Paul RollinsonFederation

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June, 2016 Regulatory Activities and the Impact on Canadian KPMG LLP John A. BroughCompanies

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102GOVERNANCE

Date Topic Presented/Hosted by Attended by

June, 2016 Mining Audit Committee Round Table KPMG LLP John A. Brough. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

September, 2016 Precious Metals Summit Precious Metals Summit Conferences, LLC Catherine McLeod-Seltzer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

September, 2016 Denver Gold Group Conference Denver Gold Group Catherine McLeod-Seltzer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

September, 2016 Cyber Security – Future proofing the Boardroom Ernst & Young LLP John A. Brough. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

September, 2016 Panelist – Annual Mining Executive and Director KPMG LLP John A. BroughForum

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October, 2016 SAP Global CEO Summit SAP J. Paul Rollinson. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

October, 2016 Foreign Investment Advisory Council Ministry of Economic Development of the Russian J. Paul RollinsonFederation

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November, 2016 Major Challenges in Today’s Boardrooms Stanford University-Rotman School of Business John A. BroughAve G. Lethbridge

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November, 2016 Mining Round Table Lunch National Bank Financial Catherine McLeod-Seltzer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

November, 2016 Directors Education Program Module 1 Institute of Corporate Directors Una M. Power. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

November, 2016 Modern Management for 21st Century Resources Northwind Professional Institute John A. BroughCompanies

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December, 2016 Conference for Audit Committees Chartered Professional Accountants of Canada Ave G. Lethbridge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

December, 2016 The Foundation of Good Governance Institute of Corporate Directors Ave G. Lethbridge. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

December, 2016 Mining Audit Committee Round Table KPMG John A. BroughAve G. Lethbridge

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December, 2016 Mining Sector Outlook TD Bank Catherine McLeod-Seltzer. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Board term and renewalIn February 2015, the board adopted the director service limits policy in order to assist with appropriate board renewal andsuccession planning for directors. These are now part of the consolidated Corporate Governance Guidelines adopted by theboard in November 2015. The board is committed to a process of renewal and succession planning for directors which seeksto bring fresh thinking and new perspectives to the board while also maintaining an appropriate degree of continuity andadequate opportunity for transition of board and board committee roles and responsibilities.

In keeping with this commitment, term limits were adopted.

An independent director shall not stand for re-election at the first annual meeting of shareholders after 10 years following thelater of (a) February, 2015 and (b) the date on which the director first began serving on the board. However, on therecommendation of the corporate governance and nominating committee a non-executive director may continue to stand forre-election for up to five additional years so long as the director continues to receive solid annual performance assessmentsand meets other board policies or legal requirements for board service. In no event shall an independent director stand forre-election at the first annual meeting of shareholders after reaching age 73.

These limits on board service apply notwithstanding that a director has continued to receive solid annual performanceassessments, has the needed skills and experience and meets other board policies or legal requirements for board service.


103GOVERNANCE

Additional governance information

About shareholder engagement

Kinross is committed to engaging in constructive and meaningful communication with its shareholders and other stakeholders.Kinross communicates with shareholders and other stakeholders through a variety of channels, including through its annualand quarterly reports and proxy circular, press releases, annual information form, website and industry conferences. Kinrossholds a quarterly earnings call which is open to all. Kinross has also adopted a formal shareholder engagement policy which isavailable upon request to the Corporate Secretary or can be found on the company’s website at www.kinross.com. During2016, the board and management of Kinross met with a number of shareholders as part of a shareholder outreach program. Atthese meetings, various items of interest to the shareholders were discussed. For a detailed description of the shareholderoutreach initiatives during the previous year, see ‘‘Say on pay and shareholder engagement’’ on page 42.

Feedback to the board of directors

Shareholders may communicate comments directly to the board by writing to the Independent Chair, care of the CorporateSecretary, at Kinross Gold Corporation, 25 York Street, 15th Floor, Toronto, Ontario, M5J 2V5. All correspondence, with theexception of solicitations for the purchase or sale of products and services and other similar types of correspondence, will beforwarded to the independent chair. Alternatively, the independent chair may be contacted directly by telephone at(416) 365-5123 (ext. 2002).

Interest of certain persons in matters to be acted upon

No (a) director or executive officer of the company who has held such position at any time since January 1, 2016, (b) proposednominee for election as a director of the company, or (c) associate or affiliate of a person in (a) or (b), has any material interest,direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the meeting,other than the election of directors.

Interest of informed persons in material transactions

Since January 1, 2016, no informed person of the company, nominee for election as a director of the company, or anyassociate or affiliate of an informed person or nominee, has or had any material interest, direct or indirect, in any transaction orany proposed transaction which has materially affected or will materially affect the company or its subsidiaries.

Indebtedness of directors and officers

To the knowledge of the company, as at March 16, 2017 there was no outstanding indebtedness to the company or itssubsidiaries incurred by directors, officers or employees, or former directors, executive officers or employees of the companyand its subsidiaries (or any associates of such persons) in connection with the purchase of securities of the company or itssubsidiaries or otherwise, and there was no outstanding indebtedness incurred by any such individuals to another entity thatwas the subject of a guarantee, support agreement, letter of credit or other similar agreement or undertaking provided by thecompany or its subsidiaries. In addition, the company does not grant personal loans to its directors and executive officers(or any associates of such persons), as such terms are defined under the United States Sarbanes-Oxley Act of 2002, except inaccordance with that Act.

Directors’ and Officers’ Insurance

The company arranges and maintains insurance for its directors and officers and those of its subsidiaries. The limit of liabilityapplicable to all insured directors and officers under the current policies, which will expire on May 1, 2017, is $225 million inthe aggregate, inclusive of defence costs. Under the policies, the company has reimbursement coverage to the extent that ithas indemnified the directors and officers in excess of a deductible of $5 million for each loss on securities claims brought inthe US and $2.5 million each for other claims (subject to certain exceptions that may apply). The total premium charged to the


104GOVERNANCE

company in respect of coverage for 2016 was $1.4M, for 2015 was $1.4M and for 2014 was $1.3M, no part of which is or waspayable by the directors or officers of the company.

The by-laws and standard indemnity agreements of the company also provide for the indemnification of the directors andofficers of the company (and its affiliates) from and against any liability and cost in respect of any action or suit against them inconnection with the execution of their duties of office, subject to the limitations contained in the Ontario BusinessCorporations Act.

In 2016, Kinross paid the legal expenses of certain current and former officers of Kinross and its subsidiaries arising as a resultof the company’s ongoing United States Securities and Exchange Commission/Department of Justice investigation in respectof alleged improper payments made to government officials in connection with its gold-mining operations in Mauritania andGhana. Such payments in 2016 in aggregate fell largely, if not entirely, within the $2.5 million dollar retention/deductible of thecompany’s D&O insurance coverage applicable in respect of such investigation. Once the retention/deductible amount hasbeen paid by Kinross, the company expects insurance to cover any further D&O indemnification in the matter.

Officers of Kinross indemnified for legal expenses in 2016: James Crossland, Former Executive Vice-President, CorporateAffairs; Brant Hinze, Former President and Chief Operating Officer; Mark Isto, Former Senior Vice-President, ProjectDevelopment; Kash Kelloff, Former Manager, Operational Readiness; Michael Osborne, Vice-President, Global Security; MacPenney, Former Vice-President, Government Relations; Kenneth Thomas, Former Senior Vice-President, Project Development.

Officers of Kinross subsidiaries indemnified for legal expenses in 2016: Edward Akumaning, Former BPO Superintendent;Dennis Blasutti, Former Regional Financial Officer, Africa; Marc Dagenais, Former Vice-President and General Counsel, Africa;Harry Ferreira, Former Regional Security Manager, Africa; Patrick Hickey, Former Regional Vice-President, Africa; Real LaCroix,Former Site Finance, Africa; Kenneth Norris, Vice-President and General Manager, Chirano; Paul Ross, Supply Chain Manager,Africa; Dan Snodgress, Former General Manager, Tasiast; Melainine Tomy, Vice-President, Administration, Chirano;Murray Wright, Former Manager, Supply Chain Logistics.

Law Firms representing the indemnified individuals and the legal expenses paid in 2016: Robert V. Eye Law Office – $2,850,Holland & Hart LLP- $4,741, Petrillo Klein & Boxer LLP – $52,750, Debevoise & Plimpton LLP – $102,442, Simpson Thacher –$119,391, Spears & Imes LLP – $173,690, Dechert LLP – $216,827, Seward & Kissel LLP – $246,643, Smith Villazor LLP –$246,746, Milbank, Tweed, Hadley & McCloy LLP – $343,780, Akin Gump Strauss Hauer & Feld LLP – $609,037, Wilmer CutlerPickering Hale and Dorr – $622,763.

Additional information

Additional information relating to the company can be found under its profile on SEDAR at www.sedar.com and on thecompany’s web site at www.kinross.com. Financial information is provided in the company’s audited consolidated financialstatements and management’s discussion and analysis for the year ended December 31, 2016 and can also be found underthe company’s profile on SEDAR at www.sedar.com. Shareholders may also contact the Vice-President, Investor Relations ofthe company by phone at 416-365-5123 or by e-mail at [email protected] to request copies of these documents.


105

Cautionary statement on forward looking information

All statements, other than statements of historical fact, contained or incorporated by reference in or made in giving thismanagement information circular, including but not limited to any information as to the future performance of Kinross,constitute ‘‘forward looking statements’’ within the meaning of applicable securities laws, including the provisions of theSecurities Act (Ontario) and the provisions for ‘‘safe harbour’’ under the United States Private Securities Litigation Reform Actof 1995 and are based on expectations, estimates and projections as of the date of this presentation. Forward-lookingstatements contained in this presentation include those statements made under the headings ‘‘Executive Summary’’ and‘‘Compensation – Letter to shareholders’’, and include without limitation statements with respect to timing of projectdevelopment, the timing and amount of expected future production, the costs of future production and mine life extensions.The words ‘‘on track’’, ‘‘expected’’, ‘‘potentially’’ or ‘‘upside’’, or variations of or similar such words and phrases, or statementsthat certain actions, events or results may, can, could, would, should, might, occur or will be taken or realized, and similarexpressions identify forward looking statements. Forward-looking statements are necessarily based upon a number ofestimates and assumptions that, while considered reasonable by Kinross as of the date of such statements, are inherentlysubject to significant business, economic and competitive uncertainties and contingencies. Statements representingmanagement’s financial and other outlook have been prepared solely for purposes of expressing their current views regardingthe Company’s financial and other outlook and may not be appropriate for any other purpose. Many of these uncertainties andcontingencies can affect, and could cause, Kinross’ actual results to differ materially from those expressed or implied in anyforward looking statements made by, or on behalf of, Kinross. There can be no assurance that forward looking statements willprove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All ofthe forward looking statements made in this management information circular are qualified by these cautionary statements,and those made in our filings with the securities regulators of Canada and the U.S., including but not limited to thosecautionary statements made in the ‘‘Risk Factors’’ section of our most recently filed Annual Information Form, the ‘‘RiskAnalysis’’ section of our FYE 2016 Management’s Discussion and Analysis, and the ‘‘Cautionary Statement on Forward-LookingInformation’’ in our news releases dated February, 2017, to which readers are referred and which are incorporated by referencein this management information circular, all of which qualify any and all forward-looking statements made in this managementinformation circular. These factors are not intended to represent a complete list of the factors that could affect Kinross. Kinrossdisclaims any intention or obligation to update or revise any forward-looking statements or to explain any material differencebetween subsequent actual events and such forward-looking statements, except to the extent required by applicable law.


CHARTER OF THE BOARD OF DIRECTORS

106APPENDIX A

Appendix A

I. Purpose

Kinross’ Board of Directors is ultimately responsible for the stewardship of, and the supervision and coaching of themanagement of, the business and affairs of Kinross and must act in the best interests of Kinross. The Board of Directorswill discharge its responsibilities directly and through its committees, currently consisting of an Audit and Risk Committee,Human Resources and Compensation Committee, Corporate Responsibility and Technical Committee and CorporateGovernance and Nominating Committee. The Board of Directors shall meet regularly to review the business operationsand corporate governance and financial results of Kinross. Meetings of the Board of Directors shall include regularmeetings with management to discuss specific aspects of the operations of Kinross. The ‘‘Independent’’ board membersshall also hold separate, regularly scheduled meetings at which management is not in attendance.

II. Composition

The Board of Directors shall be constituted at all times of a majority of individuals who are ‘‘independent directors’’ inaccordance with applicable legal requirements, including the requirements published by the Canadian SecuritiesAdministrators and the Corporate Governance Rules of the New York Stock Exchange, as such rules are revised, updatedor replaced from time to time. In addition at least (a) three of the independent directors shall be ‘‘independent directors’’in accordance with applicable legal requirements for service on an audit committee and (b) three of the independentdirectors shall satisfy applicable legal requirements for service as an independent director on a compensation committee.A copy of the independence requirements is reproduced in Schedule ‘‘A’’ attached hereto.

III. Responsibilities

The Board of Directors’ responsibilities include, without limitation to its general mandate, the following specificresponsibilities:

• Reviewing and approving all annual and interim financial statements and related footnotes, management’s discussionand analysis, earnings releases and the annual information form.

• Approving the declaration of dividends, the purchase and redemption of securities, acquisitions and dispositions ofmaterial capital assets and material capital expenditures.

• Appointing a Chair of the Board of Directors who is an independent director who will be responsible for the leadershipof the Board of Directors and for specific functions to enhance the independence of the Board of Directors.

• The assignment to committees of directors of the general responsibility for developing Kinross’ approach to:(i) corporate governance issues, (ii) nomination of board members; (iii) financial reporting and internal controls;(iv) environmental compliance; (v) health and safety compliance; (vi) risk management; and (vii) issues relating tocompensation of officers and employees.

• Succession planning, including the selection, appointment, monitoring, evaluation and, if necessary, the replacement ofthe Chief Executive Officer and other executives, and assisting in the process so that management succession is, to theextent possible, effected in a manner so as not to be disruptive to Kinross’ operations. The Board will, as part of thisfunction, satisfy itself as to the integrity of the Chief Executive Officer and other executives and that such ChiefExecutive Officer and executives create and maintain a culture of integrity throughout the Kinross organization.


107APPENDIX A

• With the assistance of the Human Resources and Compensation Committee:

– Approving the compensation of the senior management team and establishing compensation and shareholdingrequirements for directors and disclosing such compensation and shareholdings.

– Reviewing succession plans for the CEO and other executive officers.

• With the assistance of the Corporate Governance and Nominating Committee:

– Developing Kinross’ approach to corporate governance.

– Overseeing the provision of appropriate orientation and education to new recruits to the Board of Directors andongoing continuing education to existing directors.

– Reviewing the composition of the Board and considering if an appropriate number of independent directors sit onthe Board of Directors.

– Overseeing an appropriate selection process for new nominees to the Board of Directors is in place.

– Appointing directors or recommending nominees for election to the Board of Directors at the annual and generalmeeting of shareholders, on the recommendation of the Corporate Governance and Nominating Committee.

– The assessment, at least annually, of the effectiveness of the Board of Directors as a whole, the committees of theBoard of Directors and the contribution of individual directors, including consideration of the appropriate size of theBoard of Directors.

• With the assistance of the Audit and Risk Committee:

– Reviewing the integrity of Kinross’ internal control and management information systems. Overseeing compliancewith laws and regulations, audit and accounting principles and Kinross’ own governing documents.

– Selecting, appointing, determining the remuneration of and, if necessary, replacing the independent auditors.

– Assessing the independence of the auditors.

– Identification of the principal financial and controls risks facing Kinross and review of management’s systems andpractices for managing these risks.

– Review and approval of significant accounting and financial matters and the provision of direction to management onthese matters.

– Without limitation to the Board of Directors’ overall responsibility to oversee the management of the principalbusiness risks, the identification of the principal business risks (including political risks) facing Kinross (other thanenvironmental and health and safety risks reviewed by the Corporate Responsibility Committee) and review ofmanagement’s systems and processes for managing such risks.

• With the assistance of the Corporate Responsibility and Technical Committee:

– Supervising the development and implementation of policies and practices of Kinross relating to safety, health,responsible environmental stewardship and positive community relationships.

– Supervising management’s performance on safety, health, environmental stewardship and corporate responsibility.


108APPENDIX A

• Provide oversight to the overall process relating to:

a. the reporting on the quantity and quality of Kinross’ mineral reserves and resources.

b. The material exploration, operating, development and technical activities;

c. The process for identifying and managing technical and operating risks, in conjunction with the Audit andRisk Committee

d. The review of all material activities related to new projects, project development and the closures of mine/exploration sites, in conjunction with the Corporate Responsibility Committee.

• With the assistance of the Officer responsible for investor relations, monitor and review feedback provided by Kinross’shareholders and other stakeholders.

• Approving securities compliance policies, including communications policies, of Kinross and reviewing these policies atleast annually.

• Overseeing the accurate reporting of Kinross’ financial performance to shareholders on a timely and regular basis andtaking steps to enhance the timely disclosure of any other developments that have a significant and material impacton Kinross.

• The adoption of a strategic planning process, approval and review, on an annual basis of a strategic plan that takes intoaccount business opportunities and business risks identified by the Audit and Risk Committee and monitoringperformance against the plan.

• The review and approval of corporate objectives and goals and expectations applicable to senior managementpersonnel of Kinross.

• Defining major corporate decisions which require Board approval and approving such decisions as they arise from timeto time.

• Obtaining periodic reports from management on Kinross’ operations including, but without limitation, reports onsecurity issues surrounding Kinross’ assets (property and employees) and the protection mechanisms that managementhas in place.

• Ensuring that this Charter is disclosed on a yearly basis to the shareholders in Kinross’ management information circularprepared for the annual and general meeting of shareholders or other disclosure document or on Kinross’ website.

• Performing such other functions as prescribed by law or assigned to the Board of Directors in Kinross’ constatingdocuments and by-laws.


SCHEDULE ‘‘A’’

109APPENDIX A

Independence Requirements of National Instrument 52-110 – Audit Committees (‘‘NI 52-110’’)

A member of the Board shall be considered ‘‘independent’’ if he or she has no direct or indirect material relationship with theCompany. A material relationship is a relationship which could, in the view of the Board, reasonably interfere with the exerciseof a director’s independent judgment.

The following individuals are considered to have a material relationship with the Company:

(a) an individual who is, or has been within the last three years, an employee or executive officer of the Company;

(b) an individual whose immediate family member is, or has been within the last three years, an executive officer ofthe Company;

(c) an individual who:

(i) is a partner of a firm that is the Company’s internal or external auditor;

(ii) is an employee of that firm; or

(iii) was within the last three years a partner or employee of that firm and personally worked on the Company’s auditwithin that time;

(d) an individual whose spouse, minor child or stepchild, or child or stepchild who shares a home with the individual:

(i) is a partner of a firm that is the Company’s internal or external auditor;

(ii) is an employee of that firm and participates in its audit, assurance or tax compliance (but not tax planning)practice, or

(iii) was within the last three years a partner or employee of that firm and personally worked on the Company’s auditwithin that time;

(e) an individual who, or whose immediate family member, is or has been within the last three years, an executive officerof an entity if any of the Company’s current executive officers serves or served at the same time on the entity’scompensation committee; and

(f) an individual who received, or whose immediate family member who is employed as an executive officer of theCompany received, more than $75,000 in direct compensation from the Company during any 12 month period withinthe last three years, other than as remuneration for acting in his or her capacity as a member of the Board of Directorsor any Board committee, or the receipt of fixed amounts of compensation under a retirement plan (including deferredcompensation) for prior service for the Company if the compensation is not contingent in any way on continuedservice.

In addition to the independence criteria discussed above, for audit committee purposes, any individual who:

(a) has a relationship with the Company pursuant to which the individual may accept, directly or indirectly, anyconsulting, advisory or other compensatory fee from the Company or any subsidiary entity of the Company, otherthan as remuneration for acting in his or her capacity as a member of the board of directors or any board committee;or as a part-time chair or vice-chair of the board or any board or committee, or

(b) is an affiliated entity of the Company or any of its subsidiary entities,

is deemed to have a material relationship with the Company, and therefore, is deemed not to be independent.


110APPENDIX A

The indirect acceptance by an individual of any consulting, advisory or other compensatory fee includes acceptance of afee by:

(a) an individual’s spouse, minor child or stepchild, or a child or stepchild who shares the individual’s home; or

(b) an entity in which such individual is a partner, member, an officer such as a managing director occupying acomparable position or executive officer, or occupies a similar position (except limited partners, non-managingmembers and those occupying similar positions who, in each case, have no active role in providing services to theentity) and which provides accounting, consulting, legal, investment banking or financial advisory services to theCompany or any subsidiary entity of the Company.

Independence Requirement of NYSE Rules

A director shall be considered ‘‘independent’’ in accordance with NYSE Rules if that director has no material relationship withthe Company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the Company)that may interfere with the exercise of his or her independence from management and the Company.

In addition:

(a) A director who is an employee, or whose immediate family member is an executive officer, of the Company is notindependent until three years after the end of such employment relationships.

(b) A director who receives, or whose immediate family member receives, more than $120,000 per year in directcompensation from the Company, other than director or committee fees and pension or other forms of deferredcompensation for prior service (provided such compensation is not contingent in any way on continued service), isnot independent until three years after he or she ceases to receive more than $120,000 per year in suchcompensation.

(c) A director who is (i) a current partner or employee of the Company’s internal or external auditor, (ii) was within the lastthree years a partner or employee of the auditor and personally worked on the Company’s audit during that time or(iii) whose immediate family member is a current partner of the Company’s auditor, a current employee of the auditorand personally works on the Company’s audit or was within the last three years a partner or employee of the auditorand personally worked on the Company’s audit during that time is not ‘‘independent’’.

(d) A director who is employed, or whose immediate family member is employed, as an executive officer of anothercompany where any of the Company’s present executives serve on that company’s compensation committee is not‘‘independent’’ until three years after the end of such service or the employment relationship.

(e) A director who is an employee, or whose immediate family member is an executive officer, of a company that makespayments to, or receives payments from, the Company for property or services in an amount which, in any singlefiscal year, exceeds the greater of $1 million, or 2% of such other company’s consolidated gross revenues, is not‘‘independent’’ until three years after falling below such threshold.

Exceptions to Independence Requirements of NI 52-110 for Audit Committee Members

Every audit committee member must be independent, subject to certain exceptions provided in NI 52-110 relating to:(i) controlled companies; (ii) events outside the control of the member; (iii) the death, disability or resignation of a member;and (iv) the occurrence of certain exceptional circumstances.


16JAN201708140756

The Exchange Tower130 King Street West, Suite 2950, P.O. Box 361

Toronto, OntarioM5X 1E2

www.kingsdaleadvisors.com

North American Toll Free Phone:

1-866-851-3217

Email: [email protected]

Facsimile: 416-867-2271

Toll Free Facsimile: 1-866-545-5580

Outside North America, Banks and Brokers Call Collect: 416-867-2272

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